The Netherlands To Join Joint FATCA Statement

The US Foreign Account Tax Compliance Act ("FATCA") will come into force on 1 July 2013. In sum, FATCA determines that all financial institutions worldwide will have to pass information about US clients to the US tax authorities. US authorities claim that information about funds held by all 'US persons' will enable the US to counter tax fraud. Failure to cooperate may result in hefty fines.

The G5 - Germany, France, Italy, Spain, and the UK – agreed on a Joint Statement with the US in February 2012 that will ensure better international tax compliance and faster and easier implementation of FATCA. This can be achieved by automatic exchange of information on a reciprocal basis under the existing bilateral tax treaties and by using a joint approach with regard to the supply of data to the authorities of the FATCA partner country.