Luxembourg: first automatic exchange of information to occur in 2015

Luxembourg: first automatic exchange of information to occur in 2015

On October 2013 a draft law submitted to the Parliament by the former government transposing the Article 8 of EU directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation (“EUACD”) into Luxembourg tax legislation.

This act introduces an automatic exchange of information on certain income deriving from employment, director’s fees and pensions. For the two other categories, namely life insurance products and the ownership of and income from immovable property, Luxembourg does not currently have available information that could be exchanged via an automatic process.

Under the draft law the first automatic exchange of information is to occur in 2015 with respect to information concerning 2014.

The bill does not take into consideration the project launched by the EU Commission and approved by European Parliament on 11 December 2013 to extend the scope of the EUACD to income from dividends, capital gains and bank account balances and to oblige EU countries by 2017 to collect and automatically share data on these additional items of income.

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