The Luxembourg tax authorities this morning announced that the
intergovernmental FATCA agreement (model 1) between Luxembourg and
the United States was signed on 28 March 2014. This agreement sets
an automatic exchange of FATCA data between the two countries from
30 September 2015 at the latest.
The government has set up two working groups, gathering together
people from both the public and private sector; the first is in
charge of the general questions regarding the implementation of the
agreement, while the second will look at the technical questions
regarding the electronic exchange of information between Luxembourg
financial institutions and tax authorities.
The tax administration has already confirmed that digital
transmission of information will be accepted. It has also been
decided that the automatic exchange of FATCA data will adopt the
FATCA XML Schema (more details here).
