The Dutch government’s revised tax rules for wealth, known as “box 3,” are facing criticism for potentially discouraging investment and undermining stated policy goals, according to financial expert Peter Siks. Siks, writing in De Telegraaf on Tuesday, argued the changes effectively dismantle a system that allowed capital to be mobilized.
The new regulations, approved by the Second Chamber, alter how income from savings and investments is taxed. Currently, a fixed percentage is applied to assets in box 3, regardless of actual returns. As of next year, that percentage will rise to 7.78% for non-savings assets, up from 5.88%, according to reporting in Accountancy van Morgen. This means investors will pay tax on returns they haven’t actually earned, a point of contention highlighted by De Telegraaf.
The government’s stated aim is to encourage savings to be converted into investments, bolstering the European capital market. However, Siks contends that the new tax rules run counter to this objective. The changes come as Dutch citizens currently save more than three times as much as they invest, a disparity noted by Siks.
Financial planner Peter Beets of ABN Amro MeesPierson has reported an increase in inquiries regarding the potential benefits of transferring assets to a private limited company (BV), as reported in Accountancy van Morgen. A BV allows for taxation based on actual returns, potentially offering significant tax savings for higher-net-worth individuals. Beets explained that elements with lower returns, such as bonds and loans, can be unfairly taxed alongside higher-yielding assets within the box 3 framework.
According to calculations cited by Accountancy van Morgen, an individual with a million euros in assets – divided between stocks, bonds, and loans to children – could save nearly 40% on their tax bill by structuring their holdings through a BV. However, this strategy carries the risk of incurring taxes if the overall portfolio generates a negative return.
The debate surrounding box 3 has been ongoing for years, as noted by Eenvandaag. The system taxes income from assets such as savings, investments, and real estate. Box 1 covers income and property, while Box 2 pertains to substantial shareholdings in companies. The new rules aim to address perceived unfairness in the previous system, where a fixed return was taxed even if no actual profit was made.
As of July 2025, individuals exceeding a certain threshold will be taxed on a presumed return of 7.78% on their non-savings assets, according to Accountancy van Morgen. The government has not yet responded to Siks’s criticism.
