Netherlands: Tax authority guidance on FATCA and CRS regimes
Netherlands: Tax authority guidance on FATCA and CRS
The Dutch tax administration issued guidance concerning the FATCA and common reporting standard (CRS) regimes.
- One development concerns a response by the Dutch tax administration to questions from Parliament related to U.S. privacy protection. At issue was the practical consequences of the annulment of the “privacy shield” agreement by the Court of Justice of the European Union (CJEU) for the transfer of personal data of Dutch citizens who have U.S. nationality (“accidental Americans”) by Dutch banks to the IRS with regard to FATCA. Read an October 2020 report [PDF 136 KB] prepared by the KPMG member firm in the Netherlands
- Another development concerns changes to the “place of birth” element in the manual on banking and investment products. These changes were made to limit the collection and storage of data elements. Read an October 2020 report [PDF 137 KB] prepared by the KPMG member firm in the Netherlands
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