FATCA: US exchanges bank account data with Netherlands6 March 2017
The Dutch Tax authorities have send a request to persons with assets in the US that have not been declared. It says that the Netherlands have received these financial data from the US based on the Foreign Account Tax Compliance Act (FATCA). It concerns bank accounts, securities and also share options. The tax authorities instructs the recipients to declare the assets in the 2016 tax return.
Please note however that as the Dutch tax authorities now know about assets in the US this may lead to their conclusion that also in earlier tax returns over the past years these assets have not been declared. This can lead to high fines. If this is your situation it is important that you correct past incorrect tax returns as soon as possible and that you show your full cooperation. If you react quickly and provide all relevent information this may mitigate the fine.
You can contact us for advice about and guidance with the correct procedure to present complete financial data in the tax return 2016 and the declaration of your assets in the US over earlier years.