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News | October 29, 2014 | 16:38
Finance Minister Jaron Dijsselbloem signed a declaration today with 50 other countries committing signatories to automatically exchange tax information.
The Netherlands will receive information from these countries about possible Dutch taxpayers and will provide them with information about possible foreign taxpayers. To this end, Dutch financial institutions will report information to the Tax and Customs Administration, just as they do for US purposes. Foreign Account Tax Compliance Act The Tax and Customs Administration will automatically pass this information on to countries that have committed to comply with the Common Reporting Standard (FATCA).See CRS). Today, 48 countries signed the Declaration committing to share information under CRS starting in September 2017. Three countries also expressed their intention to share information under CRS starting in September 2018.
“The Netherlands is a leader in the fight against international tax evasion. The CRS represents a major step forward at a global level,” said Dijsselbloem.
The declaration is Convention on Mutual Administrative Assistance in Tax MattersThe obligation to report to HMRC under the CRS will be codified in national legislation.
From September 2017, the Netherlands Tax and Customs Administration will exchange financial information under CRS with the tax authorities of the first countries that have signed the declaration. The information exchanged will cover 2016. From 1 January 2016, Dutch financial institutions must identify their customers under CRS and check where they live and where they may be subject to income tax. Individuals and businesses must be identified and reported if necessary.
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