Voluntary disclosure in the Netherlands
On 2 September 2013 the Dutch Minister of Finance has announced to temporarily relax the voluntary disclosure procedure in the Netherlands for offshore assets and income. A tax penalty will not be imposed on taxpayers who make use of the voluntary disclosure procedure before 1 July 2014. As from 1 July 2014 a voluntary disclosure will be subject to a penalty of 30%. The penalty will be further increased to 60% for voluntary disclosures made after 1 July 2015. Given the trend towards increased international transparency, taxpayers would do well to make use of this temporarily relaxation.