State Secretary De Jager has announced that fines imposed on taxpayers making voluntary disclosure will be doubled with effect from 1 July 2010. From that date any fines imposed will amount to 30% or more of the tax due. De Jager does not rule out a further increase of this fine in the short term.
What does the voluntary disclosure scheme entail?
New treaties with, inter alia, Belgium, Luxembourg and Switzerland facilitate the Tax Authorities in their quest to acquire information on undeclared foreign assets. The Tax Authorities are actively in search of assets concealed abroad. Individuals residing in the Netherlands who have assets abroad, for example, a bank account or holiday house, of which the Tax Authorities in the Netherlands are unaware, may apply the so-called ‘voluntary disclosure scheme’.
Anyone who fully declares concealed income to the Tax Authorities in good time and settles the additional assessments can avoid criminal prosecution and a hefty fine. Should the Tax Authorities make the discovery themselves or have posed questions on the foreign assets, the fine could mount up to 150%, and in the case of recidivism, up to 300% of the tax due.
Anyone applying the voluntary disclosure scheme before 1 July 2010 will incur a fine of only 15% of the tax due.
What can VMW Taxand do for you? â€¨
VMW Taxand can assist you in filing your voluntary disclosure return with the Tax Authorities. It is essential that this is prepared correctly with the appropriate care and accuracy. Moreover, it is vital that you are aware, in advance, of the consequences of voluntary disclosure.
We will gladly help you put your financial affairs in order. We can handle the entire process for you and this includes all contact with the Tax Authorities.
For further information, without obligation, please contact: Roelof Vos, Chris van Wijngaarden or Martijn Wesselink.