News update

New in 2017 U.S. Tax Year

New in 2016 Dutch Tax Year

FBAR reporting update

New in 2016 U.S. tax year

ITIN Number Expiration Announcement

2016 US Tax Filing Deadlines

New in 2015 U.S. tax year

Information for international taxpayers (videos)

New in 2014 U.S. tax year

2012 Offshore Voluntary Disclosure Program

New in 2013 U.S. tax year

Same-Sex Marriages  For Federal Tax Purposes

Weekers versoepelt tijdelijk inkeerregeling voor zwartspaardersl

NEWS UPDATE

New in 2016 Dutch Tax Year

1.Dutch Tax Credits

Besides the indexing of the tax credits, the most important changes are:

The General tax credit is reduced for higher income taxpayers. At an income in excess of EUR 66.417 the general tax credits is reduced to nil (was still EUR 1.342 in 2015);

The labor tax credits is reduced for higher income taxpayers. At an income in excess of EUR 111.590 the labor tax credits is reduced to nil (was still EUR 184 in 2015);

The maximum amount of labor tax credits has increased to EUR 3.103 for low income taxpayers;

The payout of general tax credits for a low-income partners has been further decreased to a maximum of EUR 1.047.

2.New income tax rates

3.BOX 3 (assets) tax free amount

The tax free asset exemption for Box 3 tax has increased from EUR 21.330 to EUR 24.437. However, the additional tax free exemption for retired taxpayers has been revoked.

4.Higher tax exemption for one-time gifts returns in 2017

Gifts from parents to children are tax exempt up to EUR 100.000. The tax exemption may only be used once and some conditions apply:

-Child must be between 18 and 40 years of age;

Amount must be used for the purchase or renovation of the child’s home, for repayment on the mortgage or to buy property rights (such as ‘erfpacht’).

5.Loans from a family member for the purchase of a home

Loans given by family members (or businesses) can be reported in the tax return starting 2016 tax year, which enables the mortgage interest refund for these loans. Note that there must be a loan agreement which clearly states that the loan is solely used for the purchase or renovation of a home and a repayment schedule is attached.

6.VAR for self-employed persons

The new ‘DBA’ law came into effect in 2016, replacing the ‘VAR’. The Cabinet is still investigating the many issues that came along with the DBA law. Because of this , self-employed persons now have until 1 January 2018 to switch to working through a verified contract. The law will not be enforced until that time, except in cases of intentional deception or fraud.

Please contact us for more information on the DBA law.