American companies are investing less and less in the Netherlands. This is mainly due to tax reforms in the United States - president Donald Trump reduced corporation tax significantly, making it more attractive for American companies to invest in their own country. But the Rutte III government's planned crackdown on shell companies may also play a role, NOS reports.
In the coming years the Netherlands plans to make itself a less attractive option for companies to establish shell companies in the country. The government is taking a number of measures to ban companies that only choose the Netherlands to avoid taxes at their home base.
The number 2 at the Finance Ministry, Menno Snel, wants to get rid of the image of the Netherlands as a place to dodge taxes. "The Netherlands is not a tax haven," he says. "We are going to make sure that the [business] constructions that were in the news are no longer possible."
Rock bands The Rolling Stones and U2 don't have offices in the Netherlands for tax-evasion purposes, but because of the "specific experience and expertise" the country has to offer, their management said to an investigative committee on Monday, NU.nl reports.
The 50 largest American companies funneled some 1.3 trillion dollars through tax haven. A significant portion of that went through the Netherlands, newspaper AD reports based on a new report from Oxfam America.
Two Dutch postbox firms are implicated in the so-called "Panama Papers" - the name given to a large-scale international investigation into documents leaked from a Panama based legal consultancy. The documents revealed letterbox companies used by politicians, businessmen and sports personalities worldwide to evade taxes.