Hundreds of foreign savings holders report to tax authority

18th March 2008, Comments 0 comments

Hundreds of Dutch have voluntarily reported to the tax authority in the past years in connection with tax evasion on savings held at banks in Liechtenstein, Luxembourg, Belgium and Switzerland.

18 March 2008

THE HAGUE – Hundreds of Dutch have voluntarily reported to the tax authority in the past years in connection with tax evasion on savings held at banks in Liechtenstein, Luxembourg, Belgium and Switzerland.

State secretary for Finance Jan Kees de Jager said this Monday in an interview with Dutch press agency ANP. Those who "turn themselves in" are not required to pay a fine.

"Many Dutch hold accounts in Belgium, Switzerland and Luxembourg," the state secretary said. "Fewer do so in Liechtenstein, less than 50."

The state of Liechtenstein has been at the centre of attention recently because of a CD ROM that turned up in Germany with information on tax evasion using secret bank transactions. De Jager has not yet seen the information on the disk.

"German justice officials are busy enough with their own cases. That could take weeks, or even months," De Jager said. "Most probably there are Dutch nationals mentioned on the CD ROM as well."

Liechtenstein, Switzerland, Belgium and Luxembourg all observe a certain degree of secrecy in banking. These countries can profit from Europeans' savings that are not reported to the tax authority. Finance Minister Wouter Bos said last week that it will be very difficult to close the loopholes in the EU regulations for tax on savings.

[Copyright Expatica News + ANP 2008]

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