SNAPSHOTS
AMCHAM
FULL HOUSE FOR FATCA Presenter Gerard Laures (KPMG)
Photos: Olivier Minaire
Louis Thomas (AMCHAM tax comittee chair) hosted the group of more than 120 at KPMG’s Strassen offices
Presenters Martin F. Dobbins (State Street), on left, and Glen Lovelock (Brown Brothers Harriman)
AMCHAM evening seminars are not often vastly oversubscribed, but then again the Foreign Account Tax Compliance Act (FATCA) is a source of great confusion, frustration and debate in Luxembourg. The US legislation requires financial institutions to file reports with the Internal Revenue Service on American taxpayers, regardless of where they are located in the world, or face very punitive penalties. Thus the waitlisted AMCHAM event was a welcome source of practical information for banking, funds and insurance managers, and a chance to hear about current lobbying efforts. AMCHAM Luxembourg has sent a letter to American officials requesting clarifications and exemptions. Yet the European Commission has made perhaps the most interesting proposal: the extension of the well-established-but-less-cumbersome EU Savings Directive to US tax persons. At press time, the US had not responded to the idea. It is unclear if such a plan would benefit Luxembourg, since the Grand Duchy has partially opted-out of the AG system.
Presenter Christian Bednarczyk (Deloitte)
Mira Ilieva Leonard (Atoz and Fideos) John Li (KPMG) and Paul Schonenberg (AMCHAM)
April 2011 - DELANO - 35
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31.03.2011 12:40:49 Uhr