(FATCA) Competent Authority Arrangement between the Netherlands and the U.S. published
On December 30, 2015 on the website of the Dutch Staatscourant the text of the Competent Authority Arrangement between the Competent Authorities of the United States of America and the Kingdom of theNetherlands was published. The Competent Authority Arrangement between the Competent Authorities of theUnited States of America and the Kingdom of theNetherlands was signed for the Netherlands Competent Authority October 28, 2015 and for the United States Competent Authority on November 30, 2015.
On September 18, 2013 the Government of the United States of America and the Government of the Kingdom of the Netherlands signed an intergovernmental agreement to Improve International Tax Compliance and to Implement FATCA (Hereafter: the IGA).
Article 3(6} of the IGA provides that the Competent Authorities of the United States and Netherlands (the ‘Competent Authorities’) ‘shall enter into an arrangement under the mutual agreement procedure provided for in Article 29 of the Double Tax Convention and Article 24 of the Mutual Assistance Convention,’ in order to establish and prescribe the rules and procedures necessary to implement certain provisions in the IGA. (Article 29 of the Double Tax Convention and Article 24 of the Mutual Assistance Convention permit the Competent Authorities to also address other matters regarding implementation of the Conventions.)
The Competent Authority Arrangement includes a.o. arrangements with respect to the following matters:
• Object and scope
• Registration of Netherlands Financial Institutions
• Time and manner of Exchange of Information
• Remediation and enforcement
• Confidentiality and data safeguards
• Costs
• Effect, consultation and modification
• Publication
Click here to be forwarded to the Competent Authority Arrangement between the Competent Authorities of the United States of America and the Kingdom of the Netherlands as published on the website of the Dutch Staatscourant, which will open in a new window.
Click here to be forwarded to the Agreement between the United States of America and the Kingdom of the Netherlands to Improve International Tax Compliance and to Implement FATCA as available on the website of the U.S. Department of the Treasury, which will open in a new window.
