Last updated: 07:55 / Monday, 31 March 2014
After an agreement in February

FATCA: Luxembourg and USA sign Model 1 IGA

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FATCA: Luxembourg and USA sign Model 1 IGA
  • A Q&A document is being finalized by ALFI's FATCA implementation working group
  • The Luxembourg Tax Administration has set up two working groups to implement the automatic exchange of information

The agreement between the Government of the United States of America and the Government of the Grand Duchy of Luxembourg to improve international tax compliance and to implement FATCA (Foreign Account Tax Compliance Act) has been signed today, Friday March 28, 2014 in Luxembourg.

On 27 February 2014, the Luxembourg and United States negotiating teams agreed on the substance of the Model 1 Agreement.

ALFI welcomes the signature of this Intergovernmental Agreement (IGA).The association has been working hard to ensure that its members are best prepared for the implementation of FATCA. A Q&A document is being finalized by ALFI's FATCA implementation working group. The working group comprises representatives of asset managers, management companies, securities service providers, audit firms, law firms, the Luxembourg Pension Funds Association and information management firms. The Q&A document will serve ALFI members as a reference document when it comes to implementing FATCA.

As part of the signing of the FATCA Model 1 intergovernmental agreement between Luxembourg and the United States dated 28 March 2014, the Luxembourg Tax Administration has set up two working groups bringing together different actors from the public and private sectors in order to implement the automatic exchange of information under this agreement.

The first working group focuses on general issues relating to the implementation of the agreement, while the second will deal mainly with technical questions regarding the electronic communication of information between reporting financial institutions and the Tax Administration (like communication channels, format etc.)

For more information, please refer to the Tax Administration website www.impotsdirects.public.lu.

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