Agreement between the Kingdom of the Netherlands and the United States of America to improve international tax compliance and to implement FATCA:artikel 3

Agreement between the Kingdom of the Netherlands and the United States of America to improve international tax compliance and to implement FATCA

Article 3 Time and Manner of Exchange of Information

Geldend

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1.

For purposes of the exchange obligation in Article 2 of this Agreement, the amount and characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with the principles of the tax laws of the Netherlands, and the amount and characterization of payments made with respect to a Netherlands Reportable Account may be determined in accordance with principles of U.S. federal income tax law.

2.

For purposes of the exchange obligation in Article 2 of this Agreement, the information exchanged shall identify the currency in which each relevant amount is denominated.

3.

With respect to paragraph 2 of Article 2 of this Agreement, information is to be obtained and exchanged with respect to 2014 and all subsequent years, except that:

a)

In the case of the Netherlands:

1.

the information to be obtained and exchanged with respect to 2014 is only the information described in subparagraphs 2(a)(1) through 2(a)(4) of Article 2 of this Agreement;

2.

the information to be obtained and exchanged with respect to 2015 is the information described in subparagraphs 2(a)(1) through 2(a)(7) of Article 2 of this Agreement, except for gross proceeds described in subparagraph 2(a)(5)(B) of Article 2 of this Agreement; and

3.

the information to be obtained and exchanged with respect to 2016 and subsequent years is the information described in subparagraphs 2(a)(1) through 2(a)(7) of Article 2 of this Agreement;

b)

In the case of the United States, the information to be obtained and exchanged with respect to 2014 and subsequent years is all of the information identified in subparagraph 2(b) of Article 2 of this Agreement.

4.

Notwithstanding paragraph 3 of this Article, with respect to each Reportable Account that is maintained by a Reporting Financial Institution as of June 30, 2014, and subject to paragraph 4 of Article 6 of this Agreement, the Parties are not required to obtain and include in the exchanged information the Netherlands TIN or the U.S. TIN, as applicable, of any relevant person if such taxpayer identifying number is not in the records of the Reporting Financial Institution. In such a case, the Parties shall obtain and include in the exchanged information the date of birth of the relevant person, if the Reporting Financial Institution has such date of birth in its records.

5.

Subject to paragraphs 3 and 4 of this Article, the information described in Article 2 of this Agreement shall be exchanged within nine months after the end of the calendar year to which the information relates.

6.

The Competent Authorities of the Netherlands and the United States shall enter into an arrangement under the mutual agreement procedures provided for in Article 29 of the Double Tax Convention and Article 24 of the Mutual Assistance Convention, which shall:

a)

establish the procedures for the automatic exchange obligations described in Article 2 of this Agreement;

b)

prescribe rules and procedures as may be necessary to implement Article 5 of this Agreement; and

c)

establish as necessary procedures for the exchange of the information reported under subparagraph 1(b) of Article 4 of this Agreement.

d)

for cases where both Conventions may be applicable, indicating under which one or under both of the Conventions, the exchanges are being conducted.

7.

All information exchanged under this Agreement shall be subject to the confidentiality and other protections provided for in the Conventions, including the provisions limiting the use of the information exchanged.

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