Tax agreement between the Netherlands and the USCorporate News -
On 18 December 2013, the Netherlands concluded an intergovernmental agreement (IGA) with the United States government about the exchange of information on US tax subjects holding assets outside the US. Under this agreement, NIBC, as all Dutch financial institutions, is obliged to forward information about customers who have a potential tax liability in the US to the Dutch Tax and Customs Administration. As of 2015, the Dutch Tax and Customs Administration (DTCA) will share this information with the US Internal Revenue Service (IRS). This agreement is part of the Foreign Account Tax Compliance Act (FATCA).
FATCA takes effect on 1 July 2014. From this date, NIBC Bank is required to assess existing and new customers.
NIBC will inform all its clients who potentially fall under this new law on the upcoming changes in due course. If you have any questions regarding FATCA, please visit the website of the Dutch Banking Association (‘NVB’), read this article or contact your account manager at NIBC.