News item | 05-09-2022 | 17:51
The government plans to levy tax on the actual return in box 3. It was agreed in the coalition agreement to introduce this system in 2025. Based on a Capgemini study, the government has decided to postpone this until 2026. The bridging legislation according to the so-called savings variant will therefore remain in place for one year longer. Savers will pay virtually no tax in box 3 during the bridging phase if the return on savings remains at the current low level. The budgetary loss of the postponement is a one-off € 385 million. This loss has been included in the August decision-making process.
The ruling on box 3 by the Supreme Court at the end of December last year put pressure on the timetable. That is why it was decided to have an external study carried out by Capgemini into the feasibility of the timetable, as they had already considered before the coalition agreement. It follows from the investigation that the risks already identified have increased and that additional risks have been added. Capgemini does not consider a successful implementation in 2025 realistic. Capgemini concluded last November that the timetable was feasible under three preconditions, including the absence of additional policy initiatives. As a result of, among other things, the ruling of the Supreme Court and the related new legislation, both for the restoration of rights and the bridging legislation, these preconditions are no longer met. In the further investigation, account was taken of the current state of all matters that affect the timetable, such as the legislative process, the modernization of the ICT landscape of the information provision at the Tax and Customs Administration and the cooperation with chain partners, such as banks and insurers.
New box 3 system
The government wants to levy tax on income from capital based on the actual return achieved. The basic principle is that you earn income with your assets. For example, interest on savings, or return on investments. There is still a fixed percentage on which you pay tax. The cabinet wants to change that, so that you only pay tax on your real income from assets.
Bridging legislation
The cabinet is working on bridging legislation for the intervening years. This temporary legislation is based on the actual distribution of savings and investments and the actual return on them, instead of a fictitious distribution. This ensures that the actual return achieved is matched as closely as possible. As a result, savers pay virtually no tax in box 3 at the current low interest rates – just as with the system based on actual returns. This legislation is part of the Tax Plan 2023 package that will be sent to the House of Representatives on Budget Day. On Budget Day, the cabinet also announces the decision-making process regarding non-objectioners in box 3.