Shell has not paid any profit tax in the Netherlands for years, despite earning billions of euros in the country every year, newspaper Trouw reports based on "well informed" sources and a confidential internal document from the Ministry of Finance.
Shell companies annually siphon 199 billion euros out of the Netherlands in the form of dividends, interest and royalties. Approximately 22 billion of this amount end up in tax havens, according to a study bye SEO Economic Research commissioned by the Ministry of Finance, ANP reports.
The government plans to tackle the outflow to tax havens, countries with very low tax rates, by introducing a so-called withholding tax in 2021.
Iraq's new government has a Dutch touch. The new Minister of Finance, Faud Hussein, lived in the Netherlands for years. He fled Iraq in the 1970s, studied at the Vrije Universiteit in Amsterdam, married a Dutch woman, and worked for other refugees. He speaks fluent Dutch, NOS reports.
Early this month Hussein, member of the Kurdish democratic party PUK, also made a run for the presidency. But Barham Salih of the same party received the most votes in parliament.
Minister Wopke Hoekstra of Finance will skip te autumn meeting of the International Monetary Fund in Bali this year, so that he can be available for consultations on the possible abolition of dividend tax, his spokesperson said, ANP reports.
Multiple banks under the supervision of Dutch central bank DNB are too lax when it comes to countering money laundering, according to the regulator. Minister Wopke Hoekstra of Finance asked the DNB to look into this after ING was slapped with a massive settlement for this same reason. He informed parliament about the results of the DNB investigation on Tuesday, ANP reports.
"The foundations of our prosperity are strong, but they are no guarantee for future economic prosperity", is the message Minister Wopke Hoekstra of Finance will give at the presentation of the first Budget Memorandum of the Rutte III government on Tuesday, NOS reports.
According to Hoekstra, the government wants the Dutch people to feel that things are going well with the economy. At the same time he warns against economic headwinds that may be caused by the Brexit and trade disputes started by US president Donald Trump.
The first fans of the Dutch Royal Family started gathering in front of the Noordeinde Palace in The Hague from 5:30 a.m. this morning, wanting to get the best places to see the King and Queen drive by in the Glass Carriage this afternoon and later wave from the balcony, NU.nl reports.
The government parties VVD, CDA, D66 and ChristenUnie reached an agreement on the budget for 2019 and agreements were made about how dividend tax will be abolished, the parties said after a final meeting on Thursday evening. The parties would give no details about their agreements. That will be presented on Budget Day, the third Thursday in September, NOS reports.
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.