Dutch Parliament Advances 36% Capital Gains Tax Reform
On February 13, the Dutch House of Representatives passed a highly contentious tax bill with a vote of 93 in favor and 75 against. The proposal seeks to impose a flat 36% capital gains tax on a range of liquid assets, including savings accounts, crypto investments, and most equity holdings. The move is seen as part of a broader effort to strengthen tax collection on asset gains for high-net-worth individuals.
Broad Scope with Certain Exemptions
Under the plan, taxable gains would be calculated regardless of whether the asset was sold or not. This means unrealized appreciation in investment portfolios would also be subject to taxation. However, specific assets such as shares in startups and non-investment tangible assets (e.g., real estate) would be exempt from the new regime.
Bill Awaits Senate Approval for 2028 Implementation
The proposal still needs approval from the Dutch Senate before it can become law. If passed, the new tax regime would take effect starting the 2028 tax year. Analysts warn that the policy could prompt capital flight to jurisdictions with more favorable tax structures, potentially weakening the Netherlands’ attractiveness to international investors.
Investor Impact: Over 40% Reduction in Net Returns
Simulations show that an investor contributing 1,000 euros monthly over 40 years could expect a final payout of 3.32 million euros under current rules. With the new tax applied, that amount would drop to 1.885 million euros — a post-tax reduction of more than 40%. These figures have intensified public debate over the fairness and economic consequences of the proposed reform.