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ARTICLE · 28 JULY 2020

Insights - July 2020

Atoz Tax Advisers
Atoz Tax Advisers
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Even if the health crisis is not yet behind us, social and economic life is restarting after the unprecedent lockdown we all encountered.

LuxembourgTax
Atoz Tax Advisers
Atoz Tax Advisers

EDITORIAL

Greetings,

Even if the health crisis is not yet behind us, social and economic life is restarting after the unprecedent lockdown we all encountered.

In this context, many measures have been introduced by the Luxembourg government to support families and businesses. One of the latest was passed by the Parliament on 22 July 2020. It aims to introduce a 6-month deadline extension for reporting under the mandatory disclosure regime applicable to tax intermediaries and a 3-month deadline extension for reporting under both the Common Reporting Standards ("CRS") and the Foreign Account Tax Compliance Act ("FATCA"). We detail the new deadlines for reporting.

The Luxembourg legislation governing CRS and FATCA in Luxembourg was also amended -non-related to the COVID crisis as regards rules on exchange of information with effect as of 1 January 2021. We also describe these changes.

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