Implementation of the Common Reporting Standard
Effective
1 January 2016
New LuxCSD1 customers will be requested to provide valid Common Reporting Standard (CRS) documentation when requesting accounts to be opened. Customers are responsible for completing and providing the required CRS documentation via the LuxCSD CRS self-certification forms (attached below) aligned with industry standards established by the Business and Industry Advisory Committee to the OECD.
LuxCSD is currently reviewing pre-existing customer accounts in order to identify those that are reportable. This exercise is ongoing and, if necessary, impacted customers will be contacted in due course.
As CRS progresses, we will continue to keep customers informed about the implementation process. For more details about the implementation timeline and impacted countries, please read our Newsflash "CRS live from 1 Jan 2016".
Background
The CRS was designed by the Organisation for Economic Co-operation and Development (OECD) to be a standardised approach for identifying and reporting information about certain non-tax resident taxpayers (individuals and entities) that will be transmitted automatically to the fiscal authorities in their official country of tax residency.
CRS defines new reporting and due diligence obligations for Financial Institutions effective as of 1 January 2016. The first exchange of information will take place in September 2017 for the reporting year 2016.
Further information
For further information, customers may contact LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD refers to LuxCSD, société anonyme registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg, registered with the Trade and Company Register of Luxembourg, under number B. 154 449.