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Notice of FATCA


 

On 18 December 2013, the Ministry of Finance has announced that the Netherlands has concluded an agreement with the United States government about the exchange of information. The reason for this is the United States tax law, the Foreign Account Tax Compliance Act (FATCA).

This legislation is intended to ensure that United States tax subjects who hold assets outside the US correctly file a tax return with the United States tax authorities, the IRS. Under this law, financial institutions will forward information about customers who have a potential tax liability in the US to the Dutch Tax and Customs Administration. The Dutch Tax and Customs Administration will forward this information to the IRS. The FATCA has taken effect on 1 July 2014. Financial institutions are required to assess existing or new customers from 1 July 2014.

The obligations under the agreement with the US are embedded in Dutch law, so that all financial institutions in the Netherlands are required to comply with the FATCA. The FATCA legislation is intended to combat tax evasion by United States tax subjects. The law is part of the global approach to tax evasion.

Were you born in the United States? Are you based or resident in the United States? Do you have other ties with the US? In these cases, you may be contacted to provide information on possible United States tax liability. In the coming time, all financial institutions will assess the extent to which all private and business customers may potentially be subject to tax in the US.

If Bank of China regards you as a potential United States tax subject, the bank will ask you for an explanation.

On the website of the NVB you can find more information about the FATCA. You can also read about the United States voluntary disclosure provisions if you are a United States tax subject. These voluntary disclosure provisions are for United States tax subjects who have not fulfilled their obligation to file a tax return in the last few years and who now file a report with the IRS.

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