Stay up to date with the latest news from the Netherlands! Enjoy reading!
Booking.com falls under European tech gatekeeper legislation (Dutch News)
Booking.com, an Amsterdam-based hotel booking website, has been designated by the European Commission to fall under the Digital Marketing Act (DMA), a legislative framework aimed at supervising companies with gatekeeper functions. The DMA targets companies operating core platform services like search engines or app stores, with 45 million monthly active users, significant market impact, and a stable market position. The Commission identified Booking.com as a crucial intermediary between businesses and consumers, implying that this designation will enhance choice for holidaymakers and expand business opportunities for hotels, according to European competition chief Margrethe Vestager. Consequently, Booking.com has six months to comply with the DMA’s requirements, which include providing more choices and freedom for end users and ensuring fair access for business users. Previously, in March, other tech giants such as Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft, along with 22 operating units, were also classified as gatekeepers under the same legislation. Read more
Employers’ organisation AWVN calls for nuance in labour debate (Dutch News)
The employers’ organization AWVN has expressed concerns regarding the negative sentiment surrounding labor migration, advocating for a more nuanced discussion about the advantages and disadvantages of employing foreign workers. While acknowledging the justified focus on poor working conditions and housing, particularly in low-skilled sectors like slaughterhouses and distribution centers, AWVN emphasizes the need to differentiate between types of migration. By doing so, they argue, targeted solutions to potential negative side effects can be devised. Chief inspector Rits de Boer De Boer has echoed these sentiments, highlighting the importance of considering both economic benefits and associated costs such as pressure on housing, education, and healthcare. AWVN further emphasizes the need for government consistency, citing recent policy changes affecting foreign workers and English language use in universities as detrimental to the Netherlands’ business-friendly reputation. They urge for careful consideration in decisions regarding industry changes, noting the significant economic contributions of sectors like the greenhouse industry, which heavily rely on foreign labor. Read more
Dutch State reopens the DSL January 2029 (Dutch State Treasury Agency)
On May 14, 2024, the Dutch State Treasury Agency (DSTA) will reopen the ‘DSL 0.00% 15 January 2029’ bond, with a maturity date of January 15, 2029, and a coupon rate of 0.00%. The issuance will have an issue date of May 14, 2024, and settlement date of May 16, 2024. The target amount for the bond is set between €1.5 to €2.0 billion, with a current outstanding amount of €14,756,000,000. The DSTA will announce the price for Primary Dealers to buy the bond through a tap auction, with revisions possible during the auction. Primary Dealers may pre-allocate up to 3% of the maximum targeted range prior to the auction, with transactions binding after 9.20 am (CEST). Professional and private investors can participate in the auction through Primary Dealers, with borrowing conditions available on the website. Liquidity of the bond will be ensured through a repo facility accessible to the Primary Dealers. Read more
Dutch Coalition Parties Agree to Scrap Tax on Share Buybacks (Bloomberg)
The four parties involved in negotiations to form the next Dutch government have reportedly agreed to cancel a 15% tax on share buybacks, as well as reverse a decision to reduce tax breaks for expatriates. These agreements were reached during ongoing coalition talks, according to sources familiar with the matter who spoke on the condition of anonymity. The implementation of the 15% tax on share buybacks, scheduled for next year, had caused a sell-off in shares of Netherlands-based companies. The deadline for presenting the coalition talks’ details to parliament is May 15, with the possibility of a parliamentary vote by July 5 to cancel the laws if the negotiations fail. Although Geert Wilders’ party, which secured a surprising election victory in November, has abandoned a bid for the prime minister’s position, they are engaged in negotiations with other right-wing Dutch parties to form the next government. The decisions regarding the share buyback tax and expatriate benefit have drawn criticism from major Dutch companies like ASML Holding NV, with concerns raised about their potential impact on investment decisions and threats of relocation out of the Netherlands. Spokespeople for the four parties involved declined to comment on the specifics of the confidential discussions. Read more
Dutch CFOs more optimistic about their company’s prospects (FD)
Deloitte’s research indicates rising optimism among Dutch CFOs, with 40% expressing increased positivity about their organization’s financial prospects compared to six months prior. However, concerns persist regarding vulnerabilities in the business environment, including labor market shortages, geopolitical tensions, and ongoing economic recovery challenges. The uncertain political landscape influences strategic decision-making, prompting some companies to delay growth investments and consider internationalization to mitigate local political risks. Efforts to form a new coalition government are closely monitored, while initiatives like supporting ASML’s expansion signal attempts to bolster economic resilience amidst a perceived deteriorating business climate. Read more
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