FATCA AND THE US – DUTCH INTERGOVERNMENTAL AGREEMENT

February 04, 2014 4:09 PM
Dutch IGA published
 
In connection with the Foreign Account Tax Compliance Act (“FATCA”), the government of the Netherlands entered into a Model 1 Intergovernmental Agreement (“IGA”) with the United States (click here). 
Under the Dutch IGA, Netherlands financial institutions would report required information to the Netherlands tax authorities, followed by an automatic exchange of the reported information to the IRS.
 
The Dutch IGA, entered into on December 18, 2013, is substantially similar to the Model 1A IGA that includes a reciprocal approach for the sharing of information between the two governments. Article 3 paragraph 7 of the Dutch IGA provides that all information exchanged thereunder shall be subject to the confidentiality and other protections provided for in the Double Tax Convention (December 18, 1992, as amended in 1993 and 2004) and the Mutual Assistance Convention (January 25, 1988), including the provisions limiting the use of the information exchanged.
 
In connection with the FATCA, the government of Curaçao also intends to enter into a Model 1 Intergovernmental Agreement with the United States.
 
Karel Frielink
Attorney (Lawyer) / Partner 
 
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