Budget Day 2015: Fines and penalties in the event of the non-compliance with the international exchange of information
On Budget Day, Tuesday 16 September 2015, the Budget Memorandum, the National Budget and the Fiscal Package for 2015 were presented to the Second Chamber of Parliament. A number of obligations were introduced for Reporting Financial Institutions. These obligations are described below:
With the legislative proposal for implementation of the Common Reporting Standard, which proposal was submitted on 11 September 2015, a number of obligations will be introduced for Reporting Financial Institutions as from 1 January 2016. The sanctions that apply when the compulsory information is not provided, are included in the 2016 Budget Plan. On account of this the taxpayer, the person required to keep records and/or the financial institution can be fined for an amount of at most € 20,250 if the compulsory information is to provided, due to wilful misconduct or gross negligence by the respective person.