Archief van "English"
Extracts from Insurance Claim forms
- “I started to slow down but the traffic was more stationary than I thought.”
- “I pulled into a lay-by with smoke coming from under the bonnet. I realized the car was on fire so took my dog and smothered it with a blanket.”
- Q: Could either driver have done anything to avoid the accident?
A: Travelled by bus?
- This Norwich Union customer collided with a cow. The questions and answers on the claim form were:
Q: What warning was given by you?
A: Horn
Q: What warning was given by the other party?
A: Moo
- “I started to turn and it was at this point I noticed a camel and an elephant tethered at the verge. This distraction caused me to lose concentration and hit a bollard.”
- “On approach to the traffic lights the car in front suddenly broke.”
- “I didn’t think the speed limit applied after midnight” (meer…)
Fat pension cats
Dutch minister of finance Wouter Bos has withdrawn a measure that broke with the so reverse-rule (‘omkeerregeling’) which had been designed to limit tax benefits on pension contributions, but final pay pensions of above €500,000 will instead now be levied. A nine-hour debate was held in the Hague last week about fiscal measures against fat cat salaries and led Wouter Bos to withdraw his earlier regulation which saw the Dutch ‘omkeerregel’ stopped for pensions above €185,000.
The ‘omkeerregel’ was introduced as the Dutch fiscal treatment of pension accrual and was intended to allow pensions savings contributions to be tax-free up to a certain premium levels and conditions, while the benefits paid out are taxed. But ministers were unhappy with a proposal unveiled in September last year to impose a limit on controbutions, and announced in December 2007 they would reverse the plan ahead of its 1 January, 2009 implementation.
The second change unveiled by the minister now means final salary pensions of above €500,000 will now be levied with a 15% tax, to prevent highly-paid managers from holding untaxed money via their final pay pension plan. Pieter Omtzigt MP of the Dutch Christian Democrats told IPE his party supports both measures.
“Almost everybody in the Netherlands now has an average pay pension, so it is not very fair if the directors agree to a final salary pension and then inject it with a couple of million.” (source Ipe)
Three types of income: the box system
For income tax purposes 3 types of taxable income are distinguished. These income types have been classified into 3 so-called boxes:
Box 1: taxable income from employment and home ownership;
Box 2: taxable income from a substantial interest;
Box 3: taxable income from savings and investments;
Box 1:
• Taxable income from employment and home ownership;
• Wages, pension payments, social benefits;
• Income from other activities;
• Company car;
• Profits from business activities;
• Owner-occupied property;
• Negative expenditure on income insurance;
• Negative personal allowance;
• Periodic benefits.
Deductible expenditure in Box 1:
• Employee’s allowance
• Deduction of mortgage interest and other deductible expenditure;
• Expenditure on income insurance: annuities and other premiums;
• Offsettable losses from employment and home ownership;
Tax rate in box 1:
• Progressive, with a maximum rate of 52%
Box 2: (meer…)
Mortgage interest and other deductible expenditure
If you took out a mortgage or other loan to fund the purchase, maintenance or improvement of an owner-occupied property the related interest and charges will qualify as deductible expenses of an owner-occupied property in Box 1. These expenses can be deducted over a maximum period of 30 years, which is the most common term of a mortgage. If you took out the loan before 1 January 2001, the 30-year period commences on 1 January 2001.
Consumer loan rule
If you sell your owner-occupied property and buy another property in 2007, this may affect the deductibility of the (mortgage) interest. This is because you have to take the surplus value of the property sold into account when calculating the amount of outstanding mortgage on the property – i.e., the amount of the principal sum on which the interest is tax deductible – in respect of the new property. (meer…)
Act on Financial Supervision
The Act on Financial Supervision (Wet op het financieel toezicht (Wft)) has come into effect on 1 January 2007. The Wft brings together practically all the rules and conditions that apply to the financial markets and their supervision. In total, the Wft replaces eight existing supervision Acts. The extensive system of supervision of financial institutions that exists in the
The idea behind the Wft is that legislation for the financial markets should be targeted, market-oriented and clear. The tasks of the Dutch Central Bank (DNB) (prudential supervision) and those of the AFM (supervision of conduct of business) are to be separated in such a way that there is no overlap. (meer…)
Provisional tax refund
2008 Provisional tax refund for non-resident taxpayers form now available.
If you pay taxes in the Netherlands it may be of importance to know that for cases like private pensionplans, disability insurances, interest on mortgages tax refund might be possible. Here you can apply for, confirm, change or cancel a provisional tax refund for 2008. If you have questions about these matters, please contact us and we will contact you as soon as possible.
The Dutch Pension System II
The Occupational Pension Schemes (The Second Part)
The second source of pension benefit in the Netherlands is the occupational pension scheme. These pensions are legally bound by the new Pensions Law (PW) of 2007. This gives some limiting conditions which have to be fulfilled, for example requirements with regard to the funding of the scheme.
Occupational pension schemes are schemes where the employer makes a commitment, as part of the terms of employment, to provide pensions and other post-retirement benefits to employees in retirement. (meer…)
Update “pension accrual”
Sometimes news turns into old news within a few days. Two days ago we blogged hereabove that the the beneficial entitlement to pension accrual for tax purposes (deferred taxation system) can only be applied to a pensionable salary up to a maximum of €185,000. This now will not be implemented has been decided yesterday. For more info read this article. Unfortunately it’s only available in Dutch for the moment.
Capping of pension accrual
The beneficial entitlement to pension accrual for tax purposes (deferred taxation system) can only be applied to a pensionable salary up to a maximum of €185,000. Existing pension commitments in which the pensionable salary exceeds this limit do not need to be adjusted. However, before the capping scheme is introduced on 1 January 2009, the employer must submit a request to the tax inspector to divide the scheme into a net and gross part. As far as the gross part is concerned, the entitlement will be calculated as part of the employee’s salary (the contribution). Any personal contribution is not deductible and the payments can only be received tax free when the time arises.
Furthermore, (meer…)
The Dutch Pension System (II)
The Occupational Pension Schemes
The second source of pension benefit in the Netherlands is the occupational pension scheme. These pensions are legally bound by the new Pensions Law (PW) of 2007. This gives some limiting conditions which have to be fulfilled, for example requirements with regard to the funding of the scheme.
(meer…)
The Dutch Pension System (I)
We as insurance-brokers located in the center of Amsterdam receive on a regular basis questions from expats working in the Netherlands about the Dutch pension system. We thought it might be a good idea to give an overview in Three parts.
Part 1 The Dutch Pension System….. (meer…)
Salary Savings Scheme versus Life-Course Savings Scheme
(Dutch: spaarloon versus levensloop)
The Salary Savings Scheme (in Dutch: spaarloonregeling) will continue to exist alongside the Life-Course Savings Scheme. However, you are not allowed to participate in both schemes in the same year. If you have saved money under the Salary Savings Scheme in a particular year, you are only allowed to participate in the Life-Course Savings Scheme in the following year. It is possible, however, to withdraw money saved under both schemes in the same year. If you wish to stop participating in the Salary Savings Scheme, you must terminate your participation before 1 January of the year you no longer wish to participate. (meer…)
