Following the speech of the Dutch Finance Minister in the Dutch House of Representatives on 10 March 2022, the Netherlands is currently working on an emergency law to ban trust service providers for having Russian clients in their portfolio.
Initially the Minister would prefer to wait until the same proposals coming from the European Commission, however the preparations have already been made to come up with this emergency legislation. If there is a good cooperation between the House of Representatives and the Senate, this new law is expected to come into force within 2 and half weeks or in 3 weeks times maximum. It is realized that the Dutch ban alone could cause a ‘fallback option’, therefore the Minister still hopes for the same regulation from the European Commission.
Some big Trust providers have already announced terminating their services with Russian business related or not taking any new Russian clients.
Further one of the parliament members asked the Minister about the future of the Trust service providers in NL, where there has been an ongoing investigation for more and less 10 years now due to the risks on the tax avoidance. On this matter the Minister confirmed that the banning of the Trust offices in general is not in the agenda yet and the government investigation on this matter still continue further.
Sources;
Is een totaal verbod op trustkantoren in Nederland een goed idee? | NPO Radio 1
Spoedwet in de maak die trustkantoren verbiedt Russische klanten te helpen (fd.nl)
Ban on trust services Russian clients in the making - Taxence
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NAZALI TAX & LEGAL |