Tax Amnesty a Success in Netherlands

November 15, 2013 Taxation In EuropeTaxation in Netherlands

Dutch FlagAMSTERDAM – Taxpayers in the Netherlands have come forward in droves to square off their tax affairs via a tax amnesty before the government significantly hikes the fees and penalties for tax evasion and other illicit activities.

The tax amnesty program currently being run by the government of the Netherlands has already proven to be a success, with more than 500 taxpayers coming forward to disclose information about undeclared offshore incomes and assets, according to a statement issued late last week by the national Ministry of Finance.

Since 2009 the government has offered beneficial terms to taxpayers who come forward to willingly provide information about their hidden financial affairs, but, in September this year the terms of the program were eased, allowing taxpayers to disclose information and not pay any form of financial penalty.

So far this year, even before the relaxed rules were implemented, a total of 1 272 people have come forward to settle their tax affairs, leading to the recovery of a total of EUR 552 million.

According to the Financial State Secretary of the Netherlands Frans Weekers, the rules of the amnesty were eased in September as a final push for tax evaders to square off their affairs before new compliance rules comes into place, raising penalties for illicit activity by as much as 60 percent.

Photo by the_Governor

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