Friday 21 February 2020

Tax on savings to be overhauled as interest rates slide

tax envelopeFinance minister Jeroen Dijsselbloem will present plans to overhaul the current asset tax system in the September budget, the Telegraaf reports on Monday.

‘Costs have gone up sharply in the past few years because of the crisis,’ Dijsselbloem said in Washington. ‘The coalition is aware that there should be space [in the budget] for lower costs.’

The current Dutch asset tax system is based on an assumed return on investments of 4%, well below the interest now being paid on most savings accounts.

Investors, Dijsselbloem said, have had a good few years but savers are not reaching the 4% return. ‘We are going to look at making the asset tax more equitable,’ he said.

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