Action required for foreign holders of a Dutch ETS-trading account
As of 1 January 2021 it will be required to have a registration with the Dutch Chamber of Commerce in order to hold an ETS trading account with the Dutch Emission Authority. For foreign account holders, this will require action.
The requirement results from an increased focus on EU ETS-fraud. Until now, foreign companies only required an EU bank account for opening an ETS trading account with the Dutch Emission Authority. However, as of next year a registration with the Dutch Chamber of Commerce is required as well (we refer to our earlier news flash).
In essence, this requires a foreign account holder to either register a branch in the Netherlands or incorporate a Dutch entity. Both options have consequences from an administrative perspective, and possible from a tax perspective. Foreign account holders should therefore take action swiftly to determine what course of action is best in their case.
Please reach out to your advisor at Loyens & Loeff in case you have any questions or need assistance in registering with the Dutch Emission Authority.