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.
Prime Minister Mark Rutte refused to answer substantive questions about a tax deal between Shell and the Tax Authority in the Tweede Kamer on Tuesday, leaving parliamentarians furious.
A group of 21 high-level managers at ABN Amro contacted the Dutch supervisors on the financial markets to raise alarm about the lack of leadership at the bank. CEO Kees van Dijkhuizen is not a leader and the bank has basically no strategy, they write in a letter to DNB and AFM. The Ministry of Finance was also warned, NOS reports.
Last year the Netherlands' national debt decreased by 18 billion euros, from 434 billion euros to 416 billion euros, according to the central government's annual report that was released on Wednesday. That comes down to 56.7 percent of the Netherlands gross domestic product.
With that the Netherlands closed a year with a national debt that complies with European rules for the first time since the outbreak of the financial crisis. According to European rules, a country's national debt must remain below 60 percent of GDP.
The people living around six Dutch airports joined forces to fight against what they consider the undesirable growth of aviation in the Netherlands. On Tuesday they established a national residents' council on aviation called LBBL, ANP reports.
In April airline Air France-KLM transported fewer passengers than in the same month last year, due to strikes at Air France. The French-Dutch airline transported 6.9 million passengers in April, 2.5 percent less than the over 7 million passengers transported in April 2017, RTL Nieuws reports.
At KLM the number of passengers increased by over 5 percent. But that was not enough to compensate for the nearly 9 percent decrease at Air France.
The Dutch government will not take any concrete measures to help Air France-KLM cope with the unrest on the French side of the airline, Minister Wopke Hoekstra of Finance and Deputy Prime Minister Hugo de Jonge both said, in different words, on Wednesday, NU.nl reports.
Officials from the Ministry of Finance expressed serious doubts about the abolition of the dividend tax during the Rutte III government formation, according to secret memos on this topic that the government released under pressure on Tuesday, AD reports.
For the first time ever, a member of the Dutch government attended the commemoration fo the Armenian genocide of 1915 and 1916 in Yerevan.
State Secretary Menno Snel of Finance was at the ceremony in the Armenian capital, at the insistence of the Tweede Kamer, the lower house of Dutch parliament. In the presence of the other foreign guests, he lay flowers at the monument for the victims, NOS reports.
State Secretary Menno Snel of Finance will attend the commemoration of the Armenian genocide in Armenia next week. This is the first time a member of the Dutch government will be present at the commemoration. From now on a Dutch Minister or State Secretary will attend the commemoration every five years, RTL Nieuws reports.
ING decided to withdraw a proposed salary increase for CEO Ralph Hamers due to mass criticism from society and politicians. "We realize that we underestimated the public response in the Netherlands to this clearly sensitive issue", chairman of the supervisory board Jeroen van der Veer said in a statement on Tuesday, ANP reports.
Former PvdA State Secretary Dick Benschop will be the new CEO of Royal Schiphol Group, the board of the airport confirmed in a press release on Monday. He will succeed Jos Nijhuis on May 1st, ANP reports.
Benschop, 60, currently works at Royal Dutch Shell. Between 1998 and 2002 he was State Secretary of Foreign Affairs in the Kok II government.
Departing Schiphol CEO Jos Nijhuis is facing a storm of criticism from politicians after he said that his successor will be a man, otherwise Schiphol's board will have more women than men.
Banning cryptocurrencies like Bitcoin is unfeasible, but the Dutch government wants to regulate the trade in cryptocurrency internationally to address the improper use of these digital coins, Minister Wopke Hoekstra of Finance wrote in a letter to parliament, NU.nl reports.
Hoekstra wants to bring cryptocurrencies into an "appropriate regulatory framework" without jeopardizing the technology's potential. He wants to make sure that the conversion of cryptocurrencies into regular money does not happen under the radar, for example.
ING Bank raised the salary of CEO Ralph Hamers by more than half this year, to over 3 million euros, NOS reports. Parliamentarians are furious and demand an explanation. Minister Wopke Hoekstra of Finance is "not amused", according to newspaper AD.
New rules proposed by the European Commission could mean an end to the bonus cap for hundreds of Dutch investment firms, though the cap may still apply to companies large enough to be considered systematically important, such as banks and insurers, BNR reports.
A Dutch tax regulation for deductible interest on loans between parent companies and subsidiaries is in conflict with EU rules, the European Court of Justice ruled on Thursday. Last year Eric Wiebes, the State Secretary of Finance, warned that this ruling could cost the Dutch treasury 400 million euros, NU.nl reports.
The Dutch Tax Authority made procedural mistakes in at least 78 tax rulings with multinational companies, State Secretary Menno Snels of Finance wrote in a letter to the Tweede Kamer, the lower house of Dutch parliament. The government will not abolish rulings, but will revise the way in which they are issued to prevent further mistakes, Snels wrote.
Today is the Rutte III government's 100th day in office. Yet many of the ministers in the government are still just as unknown to the Dutch public as when they took office, according to a study by Kantar Public, BNR reports.
The most anonymous members of the Rutte III government are Ingrid van Engelshoven, Minister of Education, Culture and Science, and Minister Bruno Bruins for Medical Care and Sports. Only 7 percent of respondents knew who they are. Hugo de Jonge, Minster of Public Health, Welfare and Sports, did slightly better with 12 percent of respondents knowing who he is.
Minister Wopke Hoekstra of Financie is looking into whether banning certain cryptocurrency exchanges is desirable and possible. He hopes to give the Tweede Kamer, the lower house of Dutch parliament, information about this in the next few weeks, AD reports.
According to Hoekstra, the government would like to ban bitcoin derived products such as binary options - where people basically gamble on whether an asset like Bitcoin will rise to a specific price, or fall below a certain amount. But he added that this must first be properly investigated.
Minister Wopke Hoekstra of Finance is looking forward to seeing what his French and German colleagues come up with in regards to cryptocurrency regulations. The French and German Finance Ministers plan to present their proposal at the G20 summit in March, RTL Z reports.
Hoekstra said that "once it is there" he will study the proposed regulations "with attention" and then "see what we will do in the Netherlands", according to the broadcaster.
Queen Maxima and Prime Minister Mark Rutte will head the Dutch delegation to the World Economic Forum in Davos, Switzerland. The theme for this 48th edition of the WEF, taking place from Tuesday to Thursday, is 'Creating a Shared Future in a Fractured World'.
Other cabinet members taking part in the forum are Minister Halbe Zijlstra of Foreign Affairs, Minister Sigrid Kaag of Foreign Trade and Development Cooperation, Minister Wopke Hoekstra of Finance, and Minister Bruno Bruins of Medical Care and Sport.
Minister Wopke Hoekstra of Finance warned Dutch investors about the risks involved in trading in Bitcoins and other cryptocurrencies. The price of the largest cryptocurrencies plummeted last week.
If the government doesn't intervene, the costs for old nuclear power plants in the Netherlands can run up to 400 million euros in the coming years, according to a report by a committee made up of officials from various ministries who looked into the nuclear industry. The officials gave this warning during the formation process of the Rutte III government, NOS reports.