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By Jean KIZITO, Associate Partner, KPMG Luxembourg
During the last five years, tax reporting obligations have become more and more significant for financial institutions, including investment funds. In June 2014, the US Foreign Account Tax Compliance Act (FATCA) came into effect in many countries around the world. As of 1 January 2016, many OECD countries—including all EU Member States—should have implemented the Common Reporting Standards (CRS).
In this frame, investment funds around the world should qualify as financial institutions under FATCA and CRS. As a consequence, such entities have to comply with due diligence, registration, and reporting obligations.
KPMG Luxembourg has been closely monitoring the implementation of these...
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