Luxembourg and US Will Sign FATCA Agreement in 2013

Luxembourg and US Will Sign FATCA Agreement in 2013

Luxembourg’s Finance Minister has announced plans to sign an inter-governmental agreement between Luxembourg and the United States, implementing the Foreign Account Tax Compliance Act (FATCA), in 2013.

The first round of bilateral talks took place on November 19 and was aimed to prepare for upcoming negotiations. So the negotiations are expected to conclude in the first half of 2013.

The Luxembourg’s finance ministry states that the inter-governmental agreement will serve to enable the country’s financial institutions to conform in all legal certainty to the new US legislation and to guarantee the competitiveness of the Luxembourg financial sector.

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