CRS, THE PRACTICAL ASPECTS OF INFORMATION EXCHANGE
Since 1 January 2016, the financial institutions of EU member countries, AMFIE included, have been implementing the new obligations under the automatic exchange of information, generally referred to as the Common Reporting Standard (CRS).
54 countries throughout the world will be undertaking the first exchanges by 2017.
What comes next ?
Under the Law of 18 December 2015 related to the CRS, AMFIE will be required to communicate certain specific information related to its members for the year 2016 to the Luxembourg tax authorities (Administration des contributions directes) before 30 June 2017.
The Luxembourg tax authorities must then share this information with the tax authorities of the countries concerned during September 2017.
What details will be sent ?
AMFIE is required to send the following information for each member concerned : name, address, date and place of birth, account number and balance, Tax Identification Number (TIN), total gross interests, dividends and possibly any other income credited to the account during the calendar year.
The persons concerned by the exchange are entitled to obtain the data communicated to the Luxembourg tax authorities, and to correct them before 30th April 2017.