December 2014 - FATCA reporting

Transmissions of FATCA reporting in 2015

A comprehensive solution via Fundsquare's e-file.lu

In 2015, Fundsquare will be rolling out a solution for the transmission of reporting related to FATCA (Foreign Account Tax Compliance Act).

FATCA aims to reduce tax evasion by U.S. citizens and companies by obliging them (or, more importantly, any financial institution that has US account holders) to report to the US tax administration on their income from financial assets held outside the US.

Reporting model in Luxembourg

To implement FATCA, the Luxembourg government signed a "Model 1" intergovernmental agreement with the US in March this year. Under this model, financial institutions will report to the Luxembourg tax administration, who will then transmit the information to the US tax administration.

e-file.lu to be an official channel

The proven e-file.lu platform of Fundsquare is to become an official channel for secure transmission between Luxembourg financial institutions and the Luxembourg tax administration to transmit FATCA reporting in 2015.

High-level plan

The first tests will be carried out in January and we foresee that a full test platform will be ready in March.

The provisional date for full operations for our FATCA solution will be for the first reporting at the end of May 2015 (this date is to be confirmed by the Luxembourg tax administration).

If you are interested in learning more about FATCA reporting and how we can help, please contact Paolo Brignardello, Head of Product Management and Marketing (+352 28 370 528, [email protected])

_{Published on: 22 December 2014}

Fundsquare News 15 - December 2014