Posted on 19.12.2013
Netherlands and the U.S signed an Intergovernmental Agreement (IGA) making possible an automatic exchange of data between the tax authorities of both countries. This Agreement implements the U.S Foreign Accounts Tax Compliance Act (FATCA).
FATCA is a U.S law which requires financial institutions all over the world to pass on information about U.S clients, persons and companies to the U.S Tax Authorities.
According to a press release of the Dutch Ministry of Finance, as from September 2015, Dutch financial institutions no longer need to conclude agreements with the U.S. tax authorities separately. Instead, each nation's tax authorities will exchange the data. Dutch legislation will be adapted to that end.