![]() ![]() From a market practice perspective, such a requirement was often met by Luxembourg Financial Institution through a specific wording included in the FATCA/CRS self-certifications to be completed by their customers or investors. Such information did not have to be repeated from a year to another as long as no material changes occurred in relation to the relevant individual. reportable individuals that their personal data would be disclosed to the LTA and would be eventually continued to the tax authorities of their country of tax residence.Individuals of the collection and processing of their data, upon collection of the said data, (often done through the Terms and Conditions document, Offering Memorandum, etc.), and So far, under CRS, Luxembourg Financial institutions had to inform: DAC 6, which provide for the exchange of cross-border tax arrangement information, as foreseen by the Law of 25 March 2020 (the DAC 6 Law) regarding data protection requirements applying to data controllers (e.g., Luxembourg reporting financial institutions for CRS purposes and Luxembourg intermediaries in the context of DAC 6). ![]() ![]() DAC 2 also referred as to Common Reporting Standard (CRS) which provide for the exchange of financial account information as foreseen by the Law of 23 December 2016 (the CRS Law), and.In the context of GDPR, the Law also amends existing provisions on the automatic exchange of information and administrative cooperation, including: The Law, taking effect as of 1 January 2023, introduces obligations on reporting platform operators (as defined by the Law) to collect information on their users being sellers and provide it to the Luxembourg tax authorities (LTA), on an annual basis.įor more information on the requirements applying to the reporting platform operators, as foreseen by the Law, please refer to our DAC 7 Flash News issued on 1 July 2022. On, the Luxembourg Parliament voted in favor of the bill of law N☈029, to implement DAC 7 into the Luxembourg legal system (the Law or the DAC 7 Law), with more than 5 months of delay. ![]()
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