The legislative steps the EU is taking with regards to anti-money laundering and combatting financing terrorism have been trickling down into member state legislation over the last few years. Now the Netherlands will implement local legislation with regards to Mandatory Disclosure Rules (DAC6) and the Ultimate Beneficial Owners register.
With this local legislation coming into play, multinationals with a Dutch entity at a minimum will face an administrative burden and a possible need for restructuring their company set-up.
In the co-hosted DLA Piper and TMF Group webinar 'Multinationals faced with Dutch adaptation of EU disclosure directives’ experts from both companies take a closer look at the below two topics:
- Mandatory Disclosure Rules (DAC6)
The most recent in a series of EU initiatives in the field of automatic exchange of information with regards to taxation within the member states; DAC6 requires financial intermediaries to disclose cross-border tax arrangements. The disclosure is meant to battle cross-border arrangements which may have the effect of undermining the reporting of financial account information and those that aim to make beneficial owners unidentifiable. Companies whose information will be shared in accordance with DAC6 could decide to have a closer look at their current structure to avoid the administrative burden of clarifying what was reported at times of disclosure.
- UBO register
At the beginning of this year the ‘act on the registration of ultimate beneficial owners of corporate entities and other legal entities’, the UBO register, was submitted to the Dutch parliament. The register is designed to hold personal data of the UBO’s of Dutch entities as to comply with one of the measures included in the fourth EU anti-money Laundering Directive. With the introduction of the register multinationals with structures in the Netherlands face an administrative burden in complying with the legislation, but they also face privacy issue since the UBO or UBO’s for these structures will become publicly available.
The webinar took place on November 21, 2019 at 16:00 CET.
This webinar is the second in a series of two, the first webinar was on ‘Changing Dutch tax playing field forces multinationals to rethink their approach’, taking a closer look at the developments and impact of Advanced Tax Rulings and Pricing agreements plus the introduction of ATAD II legislation.
Should you have any question on any of the two webinars or when you are unable to join the webinars but would like to have a discussion on the topics with either the DLA Piper or TMF Group experts please reach out directly to Jian-Cheng Ku (DLA Piper) or Erik Reijnierse (TMF Group).
