Dutch Ministry of Finance publishes draft decree to implement FATCA and opens internet consultation

July 2014
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Dutch Ministry of Finance publishes draft decree to implement FATCA and opens internet consultation

At a glance

On 1 July 2014, the Dutch Ministry of Finance published a draft decree amending existing Dutch legislation in order to implement FATCA in the Netherlands.

On 1 July 2014, the Dutch Ministry of Finance published a draft decree amending existing Dutch legislation in order to implement FATCA in the Netherlands. In December 2013, the Netherlands signed an Intergovernmental Agreement with the US regarding FATCA. The draft Decree provides for the legal basis allowing Dutch financial institutions to report the information required under the IGA. The Ministry of Finance has clarified that it expects Dutch Financial Institutions to comply with the IGA as of 1 July 2014.

The Ministry of Finance has also opened internet consultation on the decree. The aim of the internet consultation is twofold: it is intended to provide information to interested parties, as well as to enable interested parties to react on the Decree or to provide input.