The protocol of 8 March 2004 to the 1992 income tax treaty between the United States and the Netherlands entered into force on 28 December 2004. The protocol will generally be effective for taxable periods beginning on or after 1 January 2005, and the provisions of the protocol relating to withholding taxes will be effective for amounts paid or credited on or after 1 February 2005. Persons that were entitled to greater benefits under the US-Netherlands treaty before it was modified by the protocol of 8 March 2004 may elect for the application of the old provisions for a period of 12 months from the date on which the protocol provisions became effective.