CRS Training Session

31 March 2020

Since CRS has become effective in Luxembourg on January 1st 2016, it requires changes in client on-boarding procedures, writing of self-certification templates, completing self-certifications, collecting information/data on reportable persons, classifying entities, raising awareness of relationship managers... A thorough understanding and application of the CRS Luxembourg Law of December 18th 2015 is therefore necessary to comply with CRS and ensure readiness for the reporting to the Luxembourg Tax Authorities which is due every year on June 30th.

OBJECTIVES

  • Understand what CRS  is – Purpose – Similarities and differences with FATCA
  • Understand due diligence requirements & entity classifications
  • Understand reporting requirements
  • Understand communication to clients
  • Understand contractual and regulatory obligations in the context of GDPR enforcement
  • Gain awareness on the main risks that are pursuant to CRS obligations for your firm and your clients (compliance/ operational/financial risks…)

 

TABLE OF CONTENT

Introduction

Legal Framework

The OECD Standard for Automatic Exchange of Information in Tax Matters

  • Process
  • Objectives
  • Components
  • CRS
  • CAA
  • The OECD Commentaries
  • Guidance on Technical Solutions

Current Status of commitments – Jurisdictions

Luxembourg Law of 18 December 2015

  • Timeline
  • Main concepts
  • Content

Residence for Tax purposes

Entities under the Law

Main obligations under the Law

Due diligence requirements

  • Pre-existing individual accounts
  • New individual accounts
  • Pre-existing entity accounts
  • New entity accounts
  • Role of the Relationship Manager

Reporting

  • Reporting Financial Institutions versus non Reporting Financial Institutions
  • Reportable Accounts
  • Reportable Persons
  • Deadlines

Data protection

Penalties

Going through the self-certification forming through the self-certification form

Classification: When is a company an Active NFE or a Passive NFE?

How CRS compares to FATCA

Useful Links

Meet and greet our experts
Lionel Gendarme Partner, Advisory at Grant Thornton Luxembourg. In addition to advisory activities, he leads the provision of BPO reporting services in relation to CRS/FATCA/QI, legal reporting and tax statements for private customers.

Practical details

Date: Tuesday 31 March 2020 from 9:00 AM to 12:00 PM

Entrance: 495,- EUR p.p. (5% discount from second subscription)

Registration: before 27 March 2020

Due to the exceptional circumstances caused by the spread of the coronavirus, please note that the event will be held in videoconference.

Grant Thornton Luxembourg
  • Grant Thornton Luxembourg
  • 13 rue de Bitbourg
  • L-1273 Luxembourg
Tel: +352 45 38 78 1 Contact: