On 20 November 2020, a bill on transparency of civil society organisations was submitted to the lower house of the Dutch parliament (the “Bill”). In the Bill it is proposed that:
- substantial gifts to foundations and associations should be made transparent to the Dutch government;
- substantial donations should be registered in an internal register by foundations and associations; and
- foundations have to file their balance sheet and statement of income and expenses with the trade register of the Dutch Chamber of Commerce.
The Bill is related to the requirement per 8 July 2020 regarding foundations to keep a ‘payment register’ for any payments they make during a financial year which are less or equal to 25% of their distributable funds. Important to note
An individual who is directly or indirectly entitled to more than 25% of a foundation’s distributable funds should be entered into the UBO Register as ultimate beneficial owner (UBO). Foundations must obtain and maintain information regarding their UBO’s, as well as submit these to the UBO Register as currently held by the Dutch Chamber of Commerce.
In case you have any questions regarding the Bill, the UBO register / ultimate beneficial ownership or your corporate governance? Please contact us: Nikki.firstname.lastname@example.org