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In accordance with long-standing practice, 17 September 2019 marked the annual Dutch Budget Day (also known as or “Prince’s Day”). On this third Tuesday of September, the new operating year of the Dutch government was initiated. The Dutch Minister of Finance, Mr. Wiebe Hoekstra, offered his National Budget Plan for the year 2020 to the Members of Parliament.
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CIS Management B.V. had successfully taken part in INTAX EXPO business conference during September 23-24 in Moscow.
The event was a two days’ working site for presentations and panel discussions topics and also provided a vast opportunity for networking and catching up.
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As we have informed you earlier in our news alerts (on June 18, 2018 and April 16, 2016), the long expected UBO register is soon to be implemented in the Netherlands. The legislative proposal on this was finally submitted to the Dutch Parliament on April 4, 2019. The register is to be implemented in the Netherlands following the (Fifth AMLD) EU Directive 2018/843 of the European Parliament and the Council dd 30 May 2018, amending the (Fourth AMLD) EU Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
It is the plan to have the UBO register as a part of the Trade Register of the Dutch Chamber of Commerce. UBO information will be generally publicly available, with certain restrictions.
ATAD 1
Directive (EU) 2016/1164, laying down rules against tax avoidance practices, also known as the first Anti Tax Avoidance Directive, or ATAD 1, has been implemented by the Netherlands, with effect of January 1st, 2019.
This news alert briefly touches on a few changes in Dutch tax laws based on the implementation of ATAD 1.
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Corporate income tax
Corporate tax is also facing changes: starting from 2019 corporate income in the amount of first EUR 200 0000 will be taxed at the rate of 19%, with the income over EUR 200 000 to be taxed at the rate of 25%. Further rate reductions are expected within the coming two years.
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