The Dutch State Secretary of Finance has concluded and signed an Intergovernmental Agreement (IGA) in order to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act.The agreement is designed to deal with tax evasion and undeclared savings including the automatic exchange of data between the tax authorities of both countries.
In addition, the treaty reduces the administrative burden for Dutch financial institutions, and guarantees legal protection for their clients. From September 2015, the Dutch Tax and Customs Administration will automatically exchange data with the US Internal Revenue Service.
