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Netherlands Welcomes ECJ Judgement On Foreign Bank Accounts,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, June 25, 2009
The Netherlands' Ministry of Finance has welcomed the European Court judgement
of June 11 in favour of the Dutch Tax Administration in two cases involving
taxpayers with money in foreign savings accounts. State Secretary
for Finance De Jager noted the ruling's importance as a positive signal of support
from the Court in the Netherlands’ fight against offshore savings.
One case concerned a person holding a bank account with the KB-Lux
bank in Luxembourg. The other case concerned a taxpayer who had assets in a bank account in Germany. In both cases the Tax Administration, following
the discovery of these foreign accounts, imposed additional assessments for
the past twelve years. On March 12, 2009, the Supreme Court asked the European
Court if the Tax Administration was allowed to impose additional assessments
for so long a period given the usual 5-year recovery period.
The European Court has now ruled that the extended recovery period is justified.
De Jager commented:
“This judgment of the European Court significantly supports the Netherlands
in tackling tax evasion using foreign channels. In most cases this type of tax
fraud only surfaces years later. With the extended recovery period, fraudulent
taxpayers will no longer be able to escape tax for years exceeding the 5-year
period.”
“This is of particular importance in cases involving bank accounts held
in banking secrecy countries, as appears not only from the present KB-Lux case,
but also from the ongoing investigation project Bank Zonder Naam (Bank Without
A Name) and the investigation of bank accounts held in Liechtenstein.”
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