Articles Published 31.03.2017Back
The ABBL published on 31 March 2017 guidance on the OECD Common Reporting Standard in the form of 60 questions and answers.
The purpose of these FAQs is to provide ABBL members with technical guidance regarding specific points of attention identified in relation to the implementation of the OECD Common Reporting Standard (CRS) in Luxembourg.
We trust that these FAQs constitute a useful local complement to the extensive commentaries provided by the OECD.
The present FAQs are part of the ABBL’s commitment to foster a compliant and consistent implementation of tax transparency rules in Luxembourg. Their publication join quite naturally the continuance of the principles of integrity, transparency and professionalism laid down in our Code of Conduct and the ICMA Private Wealth Management Charter, to which 83 of our member banks are signatories.
The points covered in these FAQs were extensively discussed by a dedicated working group gathering project managers and tax officers from the ranks of member banks as well as competent advisors from leading consultancy firms in Luxembourg. The present FAQs reflect essentially the output of these discussions that spanned over 2 years.
Tax transparency remains a dynamic topic. These FAQs are meant to be a living document, meaning that the content can be updated on a regular basis so as to reflect the latest developments at both international and domestic levels.