The Dutch Tax and Customs Administration announced on February 12 that its tax amnesty has so far yielded EUR157m, noting that early 2009 had seen a particular increase in individuals coming forward, amounting to two a day.
A statement from the Dutch Ministry of Finance noted that since 2001 more than 5,000 individuals had voluntarily reported their savings accounts and assets abroad, stating that many of the assets were located in Switzerland, Luxembourg or Liechtenstein. In 2008, the tax authority received EUR22m of interest and additional tax assessments from more than 500 tax payers.
In January of this year, 2 people a day reported to the Tax and Customs Administration. In 60% of the cases, they had their assets in bank accounts in Switzerland or Luxemburg, stated the release.
The ‘voluntary own-up scheme’ (Inkeerrengeling) is offered within Dutch income tax assessments, whereby individuals are offered the opportunity to declare that they have withheld tax payments on their offshore assets. If taxpayers with assets abroad voluntarily report to the Tax and Customs Administration, using the voluntary own-up scheme and pay their outstanding tax bill, they can avoid a fine, and in principle, criminal prosecution, informed the statement.
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