Global

Details

  • Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/28/2014

Luxembourg - FATCA intergovernmental agreement with United States 

March 28: Representatives of the governments of Luxembourg and the United States on Friday, March 28, signed an intergovernmental agreement (IGA) to implement U.S. law known as the Foreign Account Tax Compliance Act (FATCA).

The IGA follows the approach taken by Model 1 IGA and is close to the Model 1 Agreement in terms of content. The IGA between Luxembourg and the United States, therefore, essentially provides for an automatic exchange of information on an annual basis between the Luxembourg tax authorities and the U.S. authorities.


Luxembourg signed a “reciprocal agreement”—meaning that the exchange of information between the U.S. authorities and the Luxembourg tax authorities encompasses information about account holders in each country’s financial institutions that are residents of the other country.


According to a March 2014 report [PDF 113 KB] prepared by the KPMG member firm in Luxembourg: FATCA - IGA signed


Read text of the IGA [PDF 3 MB]


Read text of the Memorandum of Understanding [PDF 104 KB]




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