Luxembourg US Intergovermental FATCA Agreement Signed

The Luxembourg tax authorities this morning announced that the intergovernmental FATCA agreement (model 1) between Luxembourg and the United States was signed on 28 March 2014. This agreement sets an automatic exchange of FATCA data between the two countries from 30 September 2015 at the latest.

The government has set up two working groups, gathering together people from both the public and private sector; the first is in charge of the general questions regarding the implementation of the agreement, while the second will look at the technical questions regarding the electronic exchange of information between Luxembourg financial institutions and tax authorities.

The tax administration has already confirmed that digital transmission...