Inheritance tax to be reformed

Inheritance tax is to be cut from the current maximum of 68% to 50%, junior finance minister Jan Kees de Jager said in Wednesday’s Telegraaf and Financieele Dagblad.

In addition, the minister plans to simplify inheritance law and tackle loopholes that allow some family members to avoid paying tax.
At the moment, there are 28 different tax rates that can be applied to inheritances, depending on the relationship to the deceased. This will be reduced to six, the minister said.
The reforms should be ready for the statute books in 2010.
De Jager also plans to make it easier to transfer ownership within family firms. The current situation is ‘like a plate of spaghetti,’ De Jager told the FD.

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