The Dutch Ministry of Finance published a draft decree for implementing the “common reporting standard” (CRS) and that includes the identification and reporting requirements contained in the CRS for reporting financial institutions.
The CRS, developed by the OECD and largely based on FATCA, is a standard that governs the exchange of financial account information and is to be implemented by countries adopting the CRS regime. Within the EU, the standard is set forth in a directive. Accordingly, the directive must be transposed into the national laws of the EU Member States. In the Netherlands, this will be achieved by means of an amendment to existing tax legislation, including legislation that is known in English as the “International Assistance in the Levying of Taxes Act.”
Read a December 2015 report prepared by the KPMG member firm in the Netherlands: Draft Implementation Decree on the Identification and Reporting Requirements for the Common Reporting Standard published
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.