Nearly half a million people will be able to reduce taxes on savings as a result of the reform proposed by Secretary of State Snell (if, of course, it passes). And about 1,35 million people will not pay this tax at all (Box 3). The goal of the Secretary of State is for this reform to take effect on January 1, 2022. According to preliminary estimates, the first € 440 will not be taxed for people with only savings.
According to the state. Secretary of Snell, many in the Netherlands consider the taxes they pay on savings in box 3 to be unfair. no investment, only savings. As a result, they pay more taxes than regular savings. If my proposal is accepted, about 1,35 million savings holders will stop paying box 3 tax altogether. I think this will be the biggest change in income tax since 2001. "
Now, everyone who gets into box 3 more than € 30 (or € 360 for two if there is a fiscal partner) pays tax regardless of what assets are in this box. This is based on the assumption that the capital on which you pay tax is made up of a certain percentage of investments, even if it is not, and the capital is made up entirely of savings.
Snell proposes to calculate the actual relationship between the taxpayer's savings, investment and debt. This means that the tax on savings will be determined based on the actual amount of savings. Accordingly, the tax percentage will be significantly lower than the investment tax - it will be only 0,09%. As a result of this reform, about 1,35 million people will stop paying taxes. Well, for those who have not paid taxes before (who had less than 30.000 savings), nothing will change, they will also not have to pay anything. However, those who have saved more than 440 euros will still pay taxes, their tax rate in this case will be around 000%.
With all the innovations, the new system will retain the advantages of the current one, such as advance reporting. In addition, the new system should become more sensitive to tax evasion. The government fears, for example, that taxpayers will massively transfer their assets to the savings category closer to the reporting period. Therefore, the new system will include so-called anti-arbitration measures to prevent tax evasion. However, how exactly they will look is not yet known.
In the near future, this proposal will be presented in the form of a bill and sent to the House of Representatives. According to the plan, this should happen before the summer of 2020. It will also explain what the consequences of the introduction of the new system will be for different groups of taxpayers. After that, the bill can be discussed in the lower and upper houses. Which will last until the end of 2020. This will give the tax and customs services enough time to implement such a major structural change.
Publication Date: 09.10.2019
