On 18 December 2013, the Ministry of Finance has announced that the Netherlands has concluded an agreement with the United States government about the exchange of information. The reason for this is the United States tax law, the Foreign Account Tax Compliance Act (FATCA).
This legislation is intended to ensure that United States tax subjects who hold assets outside the US correctly file a tax return with the United States tax authorities, the IRS. Under this law, financial institutions will forward information about customers who have a potential tax liability in the US to the Dutch Tax and Customs Administration. The Dutch Tax and Customs Administration will forward this information to the IRS. The FATCA takes effect on 1 July 2014. Financial institutions are required to assess existing or new customers from 1 July 2014. The Dutch Banking Association (NVB) will publish information on its website on 19 December 2013 to inform customers who have a potential United States tax liability.