Netherlands (NL)

Jurisdiction Overview

189 *Are annual accounts submitted to a public authority? Unknown
 Data Date: 2019


Although the Global Forum reports that accounts need to be filed (GF 2019: 64-66), Dutch Civil Code Book 2, Art. 403 denotes an exception in the disclosure requirements of multinational companies. It is not entirely clear if this exception relates to the publication of annual accounts or to the filing of accounts as well.
The exception can be summarized as follows: In the second book of the Dutch Civil Code, disclosure requirements are specified in part 10 and onwards, from article 394 onwards. Generally, the amount of details of the financial information depends on the size of the company. The exception clause is in article 403 which says roughly that a company does not need to publish its accounts if: a) the financial figures of the legal entity are consolidated into the accounts of another legal entity (the ultimate parent or some intermediate holding) to which the EU requirements regarding financial reporting apply (that is, the consolidating company is located in the EU); b) those consolidated accounts are published in or translated into Dutch, English, French or German; c) the consolidating entity has declared full liability for any debts of the Dutch legal entity; d) the declaration of liability and the accounts of the consolidating entity or a reference to those accounts have been deposited with the chamber of commerce where the Dutch legal entity is registered (Art. 403, second book Dutch Civil Code). In practice, this may allow multinational companies to hide accounts of Dutch subsidiaries from public view.

GF 2019: 64-66
GF 2011: 58