- Internet Consultation Launched: The Ministry of Finance has initiated an internet consultation on the Act to implement the EU Directive on the Exchange of Crypto-Assets (DAC8) into Dutch law, following the European DAC8 Directive of 17 October 2023.
- Directive Overview: The DAC8 Directive, the seventh amendment to the DAC Directive, aims to enhance transparency regarding the ownership of crypto-assets, aiding in the fight against tax avoidance and evasion. It is set to come into effect on 1 January 2026.
- Data Collection Requirements: From 1 January 2026, EU crypto service providers must annually collect, verify, and share specific user data with the tax authorities of their Member State for DAC8 application purposes.
- Data Exchange: The Tax and Customs Administration will exchange reported data on residents with other EU Member States and non-EU jurisdictions, as the Netherlands will also implement the OECD’s Crypto-Asset Reporting Framework (CARF), necessitating a reporting obligation for data exchange with non-EU jurisdictions.
- Impact on Crypto Holders: The bill does not change existing requirements for crypto asset holders, who are already mandated to declare their crypto holdings’ balances.
Source Taxlive
