New Dutch Law Leaves Repentant Taxpayers Out in the Cold

Linda A. Thompson

The abolition of a scheme allowing Dutch taxpayers to fess up to their tax sins and
avoid criminal charges is likely to discourage high-net worth individuals from ever
disclosing money hidden abroad to local authorities, practitioners say.

Deputy Minister of Finance Eric Wiebes announced that it was time to draw the curtain
on the country’s voluntary disclosure scheme in a Sept. 19 press conference. He said
bank secrecy was “as good as gone” and that Dutch tax officials have increasingly
more information at their disposal to track down hidden accounts.

“If you kept quiet about your hidden account for years and you risk being found out,
you should simply pay a full fine,” he said

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