Luxembourg

Details

  • Service: Tax, Financial Services, Banking
  • Industry: Financial Services, Banking, PSF
  • Type: Publication series
  • Date: 2/18/2011

Contact

Georges Bock

Managing Partner
Tel. +352 22 51 51 5522

georges.bock@kpmg.lu

 

Gérard Laures

Partner

Tel. +352 22 51 51 5549

gerard.laures@kpmg.lu

 

Frank Stoltz

Partner

Tel. +352 22 51 51 5520

frank.stoltz@kpmg.lu

 

FATCA - Implications for Banks 

The U.S. government intends to combat tax evasion from the United States more intensively. As such, the Foreign Account Tax Compliance Act (FATCA) was enacted into law on 18 March 2010. It will impose a 30% withholding tax on U.S. source income unless the financial institution enters into an agreement with the IRS and reports its U.S. customers.

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