The Netherlands: Common Reporting Standard
30 November 2016
As from 1 January 2016 the Netherlands introduced the Common Reporting Standard ("CRS") which has been incorporated in Dutch tax law. This means that as from 1 January 2017 financial institutions will need to report information gathered in 2016 to the Dutch tax office.
CRS is a reporting standard for financial institutions and has been prepared by the OECD upon request of the G20 in order to avoid tax evasion.
The information to be gathered by financial institutions are the following:
- Identify clients and determine their tax residency
- Report information of foreign resident taxpayers to the local tax office. This is only applicable in the situation that the Netherlands concluded a bilateral treaty with the country of the foreign resident taxpayer.
Should you have further questions on the above or otherwise please contact Ton Smit or Fariq Ishaak via e-mail or call us at our office in Amsterdam at number +31 20 570 9440 or our office in Rotterdam at +31 10 201 0466.