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Details

  • Service: Tax, International Executive Services, International Tax
  • Type: Regulatory update
  • Date: 12/18/2013

Netherlands - FATCA agreement signed with United States 

December 18:  Representatives of the Netherlands and the United States today signed an intergovernmental agreement (IGA) for the automatic exchange of data between the tax authorities of both countries—and thus implementing the U.S. legislation known as “Foreign Accounts Tax Compliance Act” or FATCA.

According to a Dutch Ministry of Finance release, with the IGA signed today, Dutch financial institutions no longer need to conclude agreements with the U.S. tax authorities separately. Instead, each nation’s tax authorities will exchange the data. Dutch legislation will be adapted to that end.


The release states that the FATCA agreement reduces the administrative burden for Dutch financial institutions and guarantees legal protection for their clients.


Under the agreement, beginning September 2015, the Dutch tax and customs administration will automatically exchange data with the U.S. Internal Revenue Service. The Dutch tax administration will also receive data of Dutch tax payers from the United States.


Read the FATCA brief posted on the Ministry of Finance website.




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