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By Frank Stoltz, Partner Emilien Lebas, Manager – KPMG Luxembourg
Tax transparency and exchange of information have been extensively discussed over the past twelve months. In this process, on July 1st, 2014 the Foreign Account Tax Compliance Act (FATCA) has been the first of the numerous recent initiatives to come really to life. Whereas the potential impact of the ongoing process on the banking industry has been analyzed in details, the same is not true regarding the potential consequences on the Luxembourg insurance industry.
1 From the professional secrecy to the Luxembourg IGA
1.1 Professional secrecy
In essence, the “professional secrecy” to which Luxembourg insurance companies are submitted in accordance...
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