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By Camille PEREZ, Tax Partner Frauke Anna Maria ORTMANN, Tax Director, PwC Luxembourg
In order to fight against tax evasion, the main economies of the world require their Financial Institutions (FIs) to identify the tax residency of their clients and investors and to report the value of their financial assets to their respective country of tax residence. This tax transparency global framework is known as FATCA (for the US market) and CRS (for the rest of the world). Hence, banks, life insurance companies and asset managers had to put in place client/investor onboarding, due diligence and reporting processes, procedures and IT systems to cope with those tax reporting obligations.
Even after almost a decade since the implementation of...
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