The Common Reporting Standard Act (CRS) introduces the automatic exchange of information relating to financial accounts (reportable accounts) in tax matters with European Union (EU) Member States and Luxembourg's partner jurisdictions;
The list of partner jurisdictions and jurisdictions subject to reporting under the CRS Act can be found here.
The Foreign Account Tax Compliance Act (FATCA) requires Luxembourg financial institutions and certain Luxembourg non-financial entities to report financial accounts that are held directly or indirectly by US citizens and US residents.
Also, since 1 January 2021, Luxembourg reporting financial institutions must submit a NIL return (ZeroReporting) when they have no reportable US accounts or CRS (Common Reporting Standard) accounts to report.
These NIL returns must be submitted to the Luxembourg Inland Revenue (ACD). These submissions can be made via MyGuichet.lu, or via one of the existing transmitters.
Luxembourgish reporting financial institutions. All Luxembourg financial institutions that are not qualified as a Non-Reporting Financial Institution are concerned.
The depositor :
The reporting financial institution must not have reportable CRS accounts or reportable US accounts.
If the Luxembourg reporting financial institution has reportable accounts, the report must be submitted through one of the following existing transmitters:
For FATCA purposes, Luxembourg financial institutions must comply with the applicable licensing requirements, in accordance with the electronic procedure defined by the Internal Revenue Service (IRS), to obtain an identification number, commonly known as GIIN.
In order to proceed with the annual filing of the FATCA declaration, each Luxembourg financial institution must register on the IRS portal in order to obtain a GIIN: https://www.irs.gov/businesses/corporations/fatca-foreign-financial-institution-registration-system
If you have problems accessing the IRS portal, please contact IRS technical support at https://www.irs.gov/businesses/corporations/fatcahelp501.
Luxembourg reporting financial institutions must submit FATCA and CRS declarations to the ACD on an annual basis by 30 June of the year following the reportable tax year.
For example: 30 June 2021 at the latest for the 2020 tax year.
Filing a NIL return via MyGuichet.lu is free of charge.
Luxembourg reporting financial institutions or their filing entity can send a CRS or FATCA NIL return to the ACD via MyGuichet.lu.
Depositors must select the appropriate procedure for their declaration, i.e. :
Applicants must submit their NIL returns electronically through their professional eSpace on the MyGuichet.lu platform. Depositors must have:
Depositors must complete and digitally sign the declaration via LuxTrust.
There are 3 possible scenarios:
The creation of the eSpace is done in 2 steps:
Filing a NIL return can also be done via one of the existing transmitters (see under "Prerequisites") using their input form.
The submitter cannot correct NIL returns submitted to the ACD.
If the ACD rejects the submitter's procedure, the submitter will, if necessary, be invited to file a new procedure.
Furthermore, the filing of an initial declaration via one of the 2 transmitters overwrites the filing of a NIL return. This entails the cancellation of said NIL return.
Luxembourg reporting financial institutions are liable to a fixed fine of EUR 10,000 in the event of:
Luxembourg reporting financial institutions may provide justifications (e.g. change of legal status) to the ACD before this fixed fine is imposed.
Furthermore, Luxembourg reporting financial institutions may be fined up to EUR 250,000 if the ACD finds, following an audit, that they have not complied with their obligations.
An appeal for review before the Administrative tribunal of Luxembourg may be lodged against the decisions of the ACD that have set the fine due.
If a financial institution:
Zero data message reporting "Foreign Account Tax Compliance Act" or "Common Reporting Standard"
ACD : Déclaration de message à valeur zéro "Foreign Account Tax Compliance Act" ou "Norme Commune de Déclaration"
ACD: Nullmeldung „Foreign Account Tax Compliance Act“ oder „Common Reporting Standard“