If you do not declare these assets you are risking a maximum fine of 300%. Until January 1st 2018 you can make use of the amnesty ruling to legalize undeclared capital such as bank accounts, shares, property abroad and other investments. If you declare your assets voluntarily using the amnesty ruling, the penalty is 120%. Our tax consultants can help you to also minimize the amount of tax and interest you will have to pay.
We strongly recommend to contact our office if you are unsure as to whether a Dutch or foreign asset, bank account, real estate, shares are included in your Dutch tax return.
Chances that undeclared savings come to the tax inspector’s attention have increased. Pressure of international governments have led former so called ‘tax paradises’ to give up the banking secrecy and to international exchange of information about bank accounts with possible undeclared assets. When caught the taxpayer will incure a maximum penalty of 300% in addition to paying the taxes for the past 12 years including legal interest. If the money undeclared has been in The Netherlands all this time – such as cash – taxes are only due for the past 5 years. This might also be increased to 12 years next year.
Many people have made use of this possibility to free up their capital and to relieve themselves and their successors of anguish caused. The State Secretary wishes to terminate the ruling entirely which will make it more expensive to clear yourself of this tax debt.
Our office can do the negotiations for you and present your situation in the best possible way. We have done this for many new clients as specialist tax advisor and our way of presenting this to the tax inspector is well received. Our office has guided tax payers through this labyrinth since 2001 and made money abroad freely available while at the same time reducing taxation as much as possible. Please contact us and we will gladly investigate the possibilities in your situation.
Finally we should mention that if you have the 30% ruling you have most likely correctly not declared your assets. In this situation you would have opted for partial non-domestic taxation in which case you do not have to declare any assets in box 3 with the exemption of Dutch real estate. We do recommend to double check if you have correctly opted for partial non-domestic taxation since a mistake can be easily made.
If you have any questions about the amnesty ruling or what we can do for you do not hesitate to contact us.
We can notify the Dutch Tax Authorities (Belastingdienst) about your application for the amnesty ruling if you send us an email with the following data:
- Full name and adress
- Date of birth
- Bankaccount data: name of bank, country of bank, bank accountnumber and current value of the amount/assets