Dutch taxpayers report 1 bln euros in offshore assets

Dutch keeping money in offshore accounts have reported more than 1 billion euros ($1.5billion) in assets so far since steps were adopted this year to better track money held in tax havens, the Dutch government said on Wednesday.

Some 4,400 people reported assets overseas before fines will be introduced from Jan. 1 for those who do not report assets abroad, Dutch Deputy Finance Minister Jan Kees de Jagersaid in a statement.

De Jager, when announcing an agreement with Switzerland earlier this year to exchange information to crack down on tax evasion, indicated that at least 7 billion euros was being held abroad.

The United States, Netherlands and other OECD countries have adopted stricter measures this year to track taxpayer money held in overseas accounts, as they seek greater transparency and a way to bring money back onshore into economies at a time when it is most needed.

Penalties for evading the reporting of offshore assets will start at 15 percent of assets and eventually reach 300 percent,the government said.

On average, a citizen had 186,000 euros in reported savings abroad, the ministry says.