The Administration des Contributions Directes (the "ACD") is chasing its Luxembourg based registered FFIs for not having reported their FATCA reportable accounts for the fiscal year 2016, reports which were initially due by 30 June 2017.
In letters dated early November 2017, the ACD reminded the "omitting" FFIs that they had failed on one of their main obligations enforced by the Luxembourg FATCA Law of 24 July 2015, and that they could suffer from substantial financial penalties in case of:
- non-compliance with due diligence rules or with requirement to implement arrangements for communication of information, with fines up to EUR 250’000 ;
- non communication, or late/ incomplete/ incorrect communication, with fines up to 0.5% of amount which should have been communicated with a minimum of EUR 1’500.
In its communication, the ACD sets the ultimate filing deadline to 04 December 2017.
Should you require any assistance for the production or filing of such reports, do not hesitate to contact our experts at CRS-FATCA@arendt.com