Reaches further | Stays close

A short update further to my contribution 'The Ceberus Van Lanschot NPL Sage continued – Attorney General: Assignment of loans to a non-bank entity is allowed, but duties op care apply' on this topic of 9 June 2020 last.

On 10 July 2020, an opposition member of the parliament submitted a legislative proposal to introduce an exit-tax for Dutch dividend withholding tax purposes in case of cross-border reorganisations such as mergers, demergers, migrations and share-for-share exchanges. The exit tax consists of a 15% dividend withholding tax levy on the profit reserves available immediately prior to the reorganisation. 

The UBO Registration Implementation Act (the "Act") was adopted by the Senate this week (23 June 2020). As a result, companies and other legal entities established in the Netherlands are obliged to register information about their ultimate beneficial owner(s) (UBOs) in the Dutch trade register. Existing and already registered entities are subject to a transitional period of 18 months. They must therefore have registered the information concerning their ultimate beneficial owner(s) with the Dutch trade register within 1.5 years after the date the Act became effective. Entities established after the date the Act became effective must register the information on the ultimate beneficial owner(s) upon their first registration in the Dutch trade register.