On Thursday 21/12/2023 the Dutch fiscal authorities and WEC Lines BV have signed a Covenant Horizontal Monitoring.
This covenant with a duration of three years confirms intensive collaboration and adapted supervision between the tax authorities and WEC Lines BV based on a clear fiscal strategy, integrity and well-balanced risk and control measures.
In horizontal monitoring, the Dutch Tax Administration relies on the company’s processes and internal controls. Where necessary, alignment on current affairs takes place in advance, instead of checks after the fact. To enter into the covenant, the taxpayer must meet various conditions, such as having a tax risk analysis and monitoring plan. Within this framework, the Dutch Tax Administration assesses whether a demonstrable system of internal tax control and monitoring is in place, as a result of which acceptable tax returns are filed.
WEC Lines BV has met these conditions and thus complies with present-day requirements for horizontal monitoring set by the Dutch Tax Administration.
“We are very pleased with this agreement. It is a sign of trust of the Dutch fiscal authorities placed in us. It shows our integrity in how we run our business, and we will make sure to make it a successful collaboration”, said John Hage, Finance Director WEC Lines BV.
The Covenant Horizontal Monitoring is a logical follow-up to the AEO certification of WEC Lines BV; also a form of horizontal supervision with Dutch Customs.