The Dutch Ministry of Finance has announced the signing of a competent authority agreement with Indonesia on the treatment of closed mutual funds (fondsen voor gemene rekening - FGR). An FGR is a pooled investment vehicle established under Dutch law. They can be established as closed, which are treated as transparent for Dutch tax purposes, or open, which are taxable. In general, an FGR qualifies as closed if the participations in the FGR are not transferable other than to the FGR itself through redemption or the participations are only transferable with the consent of all participants. The competent authority agreement...