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Dutch taxation officials trace $2 billion in undeclared capital

Hidden also in North America

Tags: Excerpts from the Windmill

THE HAGUE - The tax department has traced almost $2 billion in undeclared capital to foreign bank and investment accounts, owned by Dutch citizens. Earlier, a similar amount had been discovered, squirreled away in other foreign accounts.

Taxes, penalties and interest levied on the first $2 billion has netted the Dutch Finance Ministry $485 million. It is expected that the new ‘finds’ will result in similar income for the taxation department. Information on foreign bank accounts owned by Dutch citizens was supplied by tax departments in European Union member states, and also by the tax departments in the U.S. and Canada.

In 2002, the Dutch government began an aggressive campaign to trace foreign bank accounts, usually hiding undeclared income. Part of the investigation centred on properties such as vacation homes in a number of European and Caribbean countries. Dutch officials are scrutinizing tens of thousands of purchasing agreements for Dutch-owned homes in France, Germany, Italy and Spain and perhaps other countries in order to trace other undeclared income.