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The Netherlands has released the English translation for its guidelines on the Foreign Account Compliance Act (FATCA).
In 2013, the governments of the United States and the Netherlands reached an agreement to improve international tax compliance and to facilitate the implementation of FATCA. In the wake of this agreement, some practitioners urged further clarification, as some issues surrounding FATCA remained unresolved.
In January 2015, the Dutch Ministry of Finance released a Dutch-only version of the technical notes and other explanatory guidance to address these concerns. They have now released an official English version, providing specific direction for four varieties of financial institutions. These institutions include depository and custodial institutions, investment entities and specified insurance companies.
As part of the aforementioned intergovernmental agreement, the United States and the Netherlands agreed that information and data concerning each country's respective taxpayers would be reported by the Internal Revenue Service and corresponding Dutch tax authorities.
The English version of FATCA guidance can be viewed here.
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