FS Tax Newsletter Issue 32 | February 2018

February 10, 2018

The first 2018 issue of our FS Tax Newsletter contains a regular update of recent developments within the Financial Services sector. We would also like to bring to your attention the following publications that are now available online:

Last but not least, in order to be able to respond more quickly to relevant themes and to increase the topical value of the contributions, we have decided that ‘De Pensioenwereld in’  will no longer be published in hard copy but as of January 1, 2018, will only appear digitally. Sustainable, environmentally friendly and available to everyone at any time via the special website.

If you would like to know more about the matters addressed in this newsletter please contact us.

Upcoming events:

  • “Onderweg naar huis-bijeenkomst Pensioenen” (March 27, 2018)
  • FS VAT seminar Meijburg & Co (April 12, 2018)

Niels Groothuizen,
Partner, Financial Services Tax Group

1. OECD: updated CRS frequently asked questions (FAQs)

In December 2017, the Organisation for Economic Cooperation and Development (OECD) issued an updated FAQ for the implementation of the CRS.

The following areas are addressed in more detail in this new version:

  • the reporting obligations of reporting financial institutions under liquidation
  • timing of self-certifications (with respect to new individual and entity accounts)
  • how to determine the controlling persons of an entity
  • excluded accounts, i.e. accounts held for the purpose of condominium or housing cooperatives
  • indirect distributions by a trust

Reference: CRS-related Frequently Asked Questions

For any questions on FATCA and CRS, please contact one of the following Meijburg & Co FATCA/CRS team members: Michèle van der ZandeJenny Tom or Jip Lieverse.

2. Publication Decree CIT exemption for pension funds/pension plans

The Decree of December 15, 2017, published by the Dutch Ministry of Finance, provides clarification about the CIT exemption for pension funds (pension plans).

To apply for the CIT exemption for Dutch resident pension funds, an entity needs to satisfy objective, activities and profit allocation requirements. It is also possible for these pension funds to obtain a refund of Dutch dividend withholding tax.

Non-Dutch pension funds may also wish to apply for the CIT exemption and/or the refund of dividend withholding tax. To obtain the exemption or a refund, a foreign pension fund must be comparable to a Dutch resident pension fund and thus meet the objective, activities and profit allocation requirements. The Decree contains a list of clarifications and testing criteria that foreign pension funds must meet to qualify for the exemption and/or a refund.

As a final note, existing rulings regarding the approval of the CIT exemption for foreign pension funds will be observed until  January 1, 2020. 

If you would like to read more, please click here.

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