Netherlands: CRS draft implementing decree
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
