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We previously reported that the number of applications for tax registration numbers for mutual funds had risen dramatically, the obvious reason being the introduction of the UBO register. As a mutual fund is not a legal entity, it would not be required to disclose its details via the UBO register. (For more information on mutual funds, see: Common account fund: something for you?<\/a>). That\u2019s all set to change soon, though.<\/p>\n A mutual fund is simply an agreement between two or more people. The purpose of the fund is to pool capital for joint investment. Mutual funds are not regulated under civil law, which means that the terms of the agreement may be set out in a private contract.<\/p>\n For the fund to be liable for corporation tax, it must be open-ended. This means that the units can be traded without the need for all unit-holders to give their consent. The Tax and Customs Administration stipulates that no single unit-holder may hold 90% or more of the fund.<\/p>\n One of the major advantages of a mutual fund is anonymity. This is because such funds are not required to be registered in the Commercial Register at the Chamber of Commerce. Consequently, they are not required to publish annual accounts either.<\/p>\n Under the Fourth European Anti-Money Laundering Directive, the Netherlands is obliged to introduce a UBO register. The UBO register has been operational since 27 September 2020. The UBO register records, for each legal entity, who the Ultimate Beneficial Owner is. Or, to put it simply: who the ultimate beneficial owner is. In the Netherlands, the UBO register forms part of the Commercial Register. All legal entities have until 27 March 2022 to register their UBOs (for more information on the UBO register, see: Register with the UBO register by 27 March 2022<\/a><\/p>\n European legislation on the prevention of money laundering and terrorist financing requires the Netherlands to establish a trust register in addition to the UBO register as we already know it. This should have been done by 10 March 2020 at the latest; the Netherlands is therefore behind schedule. On 26 April 2021, the bill for this trust register was tabled, under which trusts and similar legal arrangements, together with their UBOs, will be registered.<\/p>\n The bill stipulates that trusts and mutual funds (both open-ended and closed-ended) must include their ultimate beneficial owners in the register. Just like the UBO register, the trust register will be made public. Anyone can access this register and, in addition to the name, type and purpose of the fund, can also view the name, month and year of birth, nationality and country of residence of the ultimate beneficial owner. The percentage size of the interest will also be shown. The value of the assets will not be recorded in the register.<\/p>\n The following persons are, in any event, regarded as UBOs of a trust:<\/p>\n In addition to the UBO register, the Dutch government intends to tackle tax avoidance through another bill. It intends to do so by introducing the Bill to amend the tax classification policy for legal forms with effect from 1 January 2022. One of the consequences of this Bill is that an open limited partnership will become fiscally transparent. (For further information on this, see: Common account fund: something for you?<\/a> and Open CV is becoming transparent<\/a>).<\/p>\n The proposal removes a common discrepancy in classification at international level. Nevertheless, the proposed amendments also have a significant impact on national situations. According to the NOB, the transitional provisions included in the proposal fall short in key areas. The NOB has therefore requested that the transitional provisions be extended to prevent taxpayers from incurring substantial tax liabilities upon the introduction of this proposal that they could not have foreseen. With regard to the proposed commencement date of 1 January 2022, the NOB considers that this does not allow taxpayers sufficient time to prepare for the new legislation.<\/p>","protected":false},"excerpt":{"rendered":" Eerder schreven wij nog dat het aantal aanvragen voor fiscale nummer voor fondsen voor gemene rekening explosief toenam, met als voor de hand liggende reden dat het UBO-register werd ingevoerd. Omdat een fonds voor gemene rekening geen rechtspersoon is zou een fonds voor gemene rekening zich niet via het UBO-register bekend hoeven te maken. (voor […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1082","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts\/1082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/comments?post=1082"}],"version-history":[{"count":0,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts\/1082\/revisions"}],"wp:attachment":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/media?parent=1082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/categories?post=1082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/tags?post=1082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Common account fund<\/strong><\/h4>\n
The UBO Register<\/strong><\/h4>\n
The Trust Register<\/strong><\/h4>\n
The bill <\/strong><\/h4>\n
The UBO of a trust or mutual fund<\/strong><\/h4>\n
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Bill to amend the tax classification policy for legal forms<\/strong><\/h4>\n