On 22 July 2020, the Luxembourg Parliament voted to approve reporting extensions for DAC6, FATCA and CRS in light of COVID-19.

The newly published law specifically defers the reporting deadlines by up to six months for DAC6 (Directive 2018/822/EU) (e.g. up to 28 February 2021 or 1 January 2021, as described below) and by up to three months for certain 2019 reporting obligations under CRS and FATCA (e.g. up to 30 September 2020).  The draft law was officially enacted as the Law of 24 July 2020.

Six Month Extended DAC6 Deadlines

For Luxembourg, the DAC6 reporting extensions will now be as follows:

  • Reportable cross-border arrangements implemented between 25 June 2018 and 30 June 2020 must be reported by 28 February 2021 (i.e. up to six months after the original deadline of 31 August 2020);
  • Reportable cross-border arrangements occurring between 1 July 2020 and 31 December 2020 should now be disclosed within 30 days as from 1 January 2021; or
  • Reportable cross-border arrangements, occurring on or after 1 January 2021, should also be disclosed within a 30-day period. 

Three Month Extension for FATCA and CRS   

Luxembourg reporting financial institutions now have a three month extension to file 2019 reports under FATCA and CRS up to 30 September 2020 (i.e. up to three months after original deadline of 30 June 2020). 

Further Information

For further information on DAC6, please see our previous Luxembourg1 and Ireland2 client Updates and for more information on the mandatory disclosure of cross-border arrangements directive, please refer to our recent Update3.

For assistance on the matters covered in this Update, please liaise with your usual Maples Group contact or one of the contacts the below.

Print Ready Version

 

1 Luxembourg Publishes Draft Law on DAC6

2 Irish Finance Act 2019 – Enactment of the EU Mandatory Disclosure of Cross-Border Arrangements Directive

3 Ireland and Luxembourg Extension of Reporting Deadlines for DAC6, FATCA and CRS

 

CONTACTS

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James O'Neal

Principal

+352 28 55 12 43

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Rui Duarte

Associate

+352 28 55 12 57

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Andrew Quinn

Partner

+353 1 619 2038

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