Tax Authorities Defer Fatca Deadline

Delay 'not a surprise' due to changes in technical submission rules

Thierry Haensenberger, senior vice president of business development, Europe, Middle East and Africa, AxiomSL

The tax authorities of Luxembourg and Mauritius have extended the reporting deadline under the Foreign Account Tax Compliance Act (Fatca) for firms in their respective jurisdictions to August 31. The reports for the 2014 tax year had been due by July 31.

Fatca requires all financial institutions outside the US to submit reports on accounts held by US citizens to the US tax authority.

Thierry Haensenberger, Luxembourg entity manager and senior vice president for Europe, the Middle East and Africa at AxiomSL, says: "These announcements are not a complete surprise as there have been late changes to the technical submission requirements for Fatca reporting (the formats and validation rules that firms must use) in a number of countries.

"However, it is worth noting this is the second time the deadline for the submission of the first Fatca reports has been postponed in Luxembourg. The original deadline was June 30. This was pushed back to July 31. It has now been postponed again until August 31."

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