Not replacement savings tax until 2026, year's delay costs €385 million

BNR Nieuwsradio
Erasmus School of Economics

On Tuesday 6 September, Peter Kavelaars, Professor of Economics of Taxation at Erasmus School of Economics, reacted on BNR Nieuwsradio's broadcast to the news that there will be a replacement for the so-called savings tax not in 2025, as agreed in the coalition agreement, but in 2026. That year's deferral, according to the Ministry of Finance, will be €385 million.

The replacement of the savings tax in box 3 (saving and investing) will be postponed for a year, the professor announced in a BNR Nieuwsradio broadcast. Previously, the tax you paid in box 3 was based on a notional return: the tax authorities assumed you had a predetermined percentage as your return. The tax to be levied was then based on that notional return. However, a situation arose where some paid too little tax, but more importantly where some paid far too much tax. With the new legislation, tax will be levied on the actual return, which would solve the problem described. This law was supposed to come into force in 2025, but is now delayed by a year.

Implementation problems are the main reason for this postponement, Kavelaars said. In an explanation by State Secretary Van Rij, he describes that an amount of 385 million euros will be lost due to this postponement. The professor looks somewhat odd about this, as the new form would actually be budget-neutral. Still, it has been thought that the new legislation would generate more than the current one. However, Kavelaars says he does not object to the postponement of the legislation anyway.

Professor
More information

You can listen to the full interview from BNR Nieuwsradio, 6 September 2022, here.

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