Luxembourg Parliament Passes Bill to Transpose DAC8, Implement CARF, Amended CRS

The Luxembourgish Parliament (Chambre des Deputes) March 19 passed Bill No. 8592, to transpose Directive 2023/2226/EU on administrative cooperation in the field of taxation (DAC8) in accordance with the OECD Crypto-Asset Reporting Framework (CARF) and the amended common reporting standard (CRS). The bill includes measures to: 1) expand the CRS provisions to require information reporting on crypto-assets, including central bank digital currency and electronic money; 2) impose information reporting, due diligence, and registration obligations on crypto-asset service providers; 3) clarify the information requirements regarding reportable users and accounts; 4) amend the transitional measures on country-by-country (CbC) reporting; 5) require first ...