The Grand-Ducal Decree added a jurisdiction to the list of Partner Jurisdictions. In addition, certain jurisdictions were added to the list of Reportable Jurisdictions.
In Detail
The following Partner Jurisdiction was added:
- Uganda
Partner jurisdictions formally committed to implement the CRS either by signing the relevant Multilateral Competent Authority Agreement (MCAA) or by entering into bilateral agreements with Luxembourg for the purpose of the same. This impacts the due diligence obligations regarding the application of the “deemed Passive NFE” concept under the CRS Law.
The following jurisdictions have been added to the List of Reportable Jurisdictions:
- Cameroon
- Trinidad and Tobago
For the calendar year 2025 CRS reporting (due on 30 June 2026 at the latest), reportable persons tax resident in these countries will consequently need to be reported (and, where reportable individuals/controlling persons are concerned, be notified sufficiently in advance of the reporting through a specific notification).
Our observations
Following the modifications of the list of CRS Partner and Reportable Jurisdictions, Reporting FI’s need to quickly act to take into account the changes for the calendar year 2025 reporting (or undertake corrective action should reporting already have taken place).
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