Minister seeks to cut death duties

27th October 2008, Comments 0 comments

Deputy Secretary of Finance, Jan Kees de Jager, is seeking to lower death duties for close relatives, partners and children.

27 October 2008

THE HAGUE - The Deputy Secretary of Finance, Jan Kees de Jager, is seeking to lower death duties.

He wants to reduce the maximum duty on inheritances for close relatives, partners and children from 27 percent to 20 percent. For partners, he wants to raise the level of exemption to EUR 600,000 and for children to EUR 19,000. The highest rate for friends and for relatives such as nephews and nieces would be cut from the current 68 percent to 40 percent.

The reduction would cost the treasury approximately EUR 250 million a year. De Jager hopes to reclaim a portion of the money by introducing new measures designed to combat tax evasion. These would target the channelling of money to tax havens and would be expected to raise EUR 160 million a year.

De Jager hopes parliament will consider his proposals in the first half of next year so they can come into effect on 1 January 2010.

[Radio Netherlands / Expatica]

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