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Netherlands: Updated FATCA and CRS guidance

Netherlands: Updated FATCA and CRS guidance

The Dutch Ministry of Finance issued updated FATCA and common reporting standard (CRS) guidance.

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Updates to the guidance include the following:

  • New sections on threshold amount, and tools for determining the gross yield of a financial asset and gross return on futures under general reporting obligations
  • Updated section on consequences if an external service provider does not request self-certification under the general due diligence provisions
  • Updated section on due diligence provisions for preexisting individual accounts to allow a possible rebuttal to the account holder
  • Updated section on consequences faced by the financial institution if it does not obtain a completed self-certification form; updated section on the requirements for self-certification form and verification of fiscal residence for new individual accounts
  • A new section on qualification of non-profit organization under due diligence provisions on preexisting entity accounts
  • Updated information about the consequences for a financial institution that does not receive a completed self-certification form for new entity accounts
  • A new section on ownership threshold in the definition of a subsidiary
  • A new section on the consequences of a deceased ultimate beneficial owner
  • A new section on the income qualification of securities lending
  • A new section on minor account holders
  • A new section on obtaining a taxpayer identification number (TIN) under CRS
  • Updated section about CRS legislation and regulations
  • Updated sections on the period of validity of the W8 and W9 self-certification forms
  • A new section on basic payment account
  • New sections on facilitation of renunciation of U.S. citizenship and exception for diplomats under preexisting individual accounts

Read a November 2020 report [PDF 136 KB] prepared by the KPMG member firm in the Netherlands

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