Sep 14, 2017

Possibility to declare hidden savings, assets or bankaccounts runs out


Starting january 1st , 2018; the Dutch tax authorities will no longer reduce fines when you voluntarily declare hidden savings, assets and/or bank accounts.  From then on, every tax avoider will be liable for fines up to 300% of the unpaid taxes. We can help you in the procedure of voluntary declaration - for the short period you can still 'benefit' from its advantages-  and assist in avoiding or reducing any future fines. 

Thousands of Dutch taxpayers still hide taxable assets and savings from the Dutch tax authorities. Because of this, the Dutch state loses several millions of euros of tax income. Since black savings always were difficult to track down, the Dutch tax authorities (Belastingdienst) used to encourage voluntary declaration of these assets and savings by offering a reduced fine or, conditionally, no fine at all. Of course, the unpaid tax itself still needs to be coughed up.

Nowadays, the tax authorities have ample technological possibilities and extended international information exchange (with over one hundred countries). The government is convinced it no longer needs the collaboration of tax payers, as the tax avoider can be found automatically. Therefore, the incentives of voluntary declaration will be abandoned as of January 1st 2018.

In July 2016, fines on hiding savings (on top of assessments) were already raised from 60% to 120% of unpaid taxes. The fine in case of getting caught without voluntary collaboration can be as high as 300%. As of January 1st 2018, ‘discounts’ will no longer be applied and any tax avoider is liable to a fine of up to 300% of unpaid taxes. Conclusion: now is the time to ‘benefit’ from the 120% fine. We can assist you in this procedure or help you to avoid or reduce fines. Please do not hesitate to contact mr. de Leeuw for more information (Joost).

Please note: if your 30%-ruling runs out after 8 or 10 years, you have to start declaring your worldwide assets and savings. This should be included in the personal income tax return over the first complete year after your ruling ended.

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