Global

Details

  • Service: Tax, Global Compliance Management Services, International Corporate Tax
  • Type: Regulatory update
  • Date: 1/8/2014

Netherlands - Relief, clarifications under FATCA agreement 

January 8: A memorandum of understanding (MOU) provides certain relief and clarifications concerning the intergovernmental agreement (IGA) for the automatic exchange of data between the tax authorities of the Netherlands and the United States, implementing the U.S. legislation known as the Foreign Account Tax Compliance Act (FATCA).

Background

The IGA between the Netherlands and the United States was signed 18 December 2013. Read TaxNewsFlash-Europe (18 December 2013)


The IGA is largely based on the Reciprocal Model 1A IGA version that was published by the U.S. Treasury in November 2013. Read text of the FATCA agreement between the Netherlands and the United States: TaxNewsFlash-United States (19 December 2013)

Relief, clarifications in MOU

In addition to certain standard advantages that follow from signing the model IGA, Annex II provides some specific entity and product exemptions. Moreover, a Memorandum of Understanding (MOU) has been published that, in certain situations provides some additional relief and clarifications in terms of the applicable FATCA requirements.


Read a January 2014 report prepared by the KPMG member firm in the Netherlands: Intergovernmental Agreement between Netherlands and U.S. regarding FATCA




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