Wednesday 15 July 2020

Run on save-as-you-earn scheme ahead of closure

Tens of thousands of people have rushed to take advantage of the save-as-you-earn spaarloon scheme, ahead of its cancellation next January.

The last-minute rush is expected to cost the treasury several million euros in lost tax income, Nos television reports.
The scheme allows workers to save €613 in a special account, and claim a tax break of between €200 and €300.
Big banks
The rush has been prompted by the government’s decision to scrap the scheme next year.
Nos says some 88,000 savings accounts have been opened at the big three banks since the death of the scheme was first announced. ING claims 35,000 new accounts, Rabobank 31,000 and ABN Amro 22,000.
The scheme is being replaced by a so-called vitaliteitsregeling (vitality ruling) a tax-free saving scheme to help workers retire early or fund care leave and extra training.

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