Deferral of the new Box 3 regime and measures to boost purchasing power

Introduction

On 29 September 2026, the government proposed that, from 2028, financial instruments (including shares, bonds and options) should also be brought under the capital gains regime in Box 3. Thus, as early as the entry into force of the Actual Return Box 3 Act, approximately 90% of assets subject to value movements would be subject to capital gains tax. The other asset categories (such as savings, receivables and crypto-assets) will not be transferred to the capital gains regime until 2030. Until then, these assets will be subject to a capital growth regime.

Advisory opinion of the Council of State

As the current bill is already before the Senate, the government has opted to table a proposal to amend a bill (novelle) in the House of Representatives, setting out the intended changes. On 2 October 2026, a first draft of this proposal was sent to the Council of State for an urgent advisory opinion. The Council recommended to proceed with caution and introduce a levy based on actual returns for all asset categories in one go in 2030. Otherwise, a legally vulnerable distinction would arise in 2028 and 2029. In its advisory opinion, the Council of State takes into account that implementing the law as from 2028 would create major difficulties for the Tax Administration, as banks would then not yet be in a position to provide the necessary information. This would require an even greater appeal to taxpayers’ ability to comply.  

Deferring the new Box 3 regime

On 3 November 2026, partly in response to this advisory opinion and the Tax Administration’s implementation test, the government informed the House of Representatives that the Actual Return Box 3 Act is unlikely to become effective until 2029, and that the capital gains regime will then be expanded to include financial instruments. In consultation with the banks, an ultimate attempt will be made to assess whether it is still feasible to implement the levy in the desired form by 2028. The transition to a full capital gains tax remains on the agenda for 2030.  

Funding

The letter to Parliament dated 3 November 2026 also sets out amended proposals to offset the budgetary consequences of the deferred entry into force and the transition to a full capital gains regime. Among other things, after the heavy criticism voiced in the House of Representatives the previously announced reductions in the tax-free wealth threshold (from 2027) and the tax free result (from 2029) have been called off. On the other hand, expenditure relating to the rebuttal scheme in Box 3 has so far been lower than expected.

The government is placing greater emphasis on a temporary reduction in Box 2 rates for the years 2027 up to and including 2030. The current proposal is to set the low rate at 23.5% (currently 24.5%) and the high rate at 29% (currently 31%) during that period. The aim is to encourage substantial interest shareholders to withdraw ‘tied-up equity’ from their companies, to thus bring forward tax revenues. The downside of this are the lower Box 2 tax revenues expected for the period after 2030.

The proposal to tighten the rules on excessive borrowing remains unchanged. The threshold above which a loan from one’s own company qualifies as a notional regular benefit in Box 2 will be reduced to EUR 100,000 - down from EUR 500,000 - in five annual increments of EUR 80,000, starting in 2027.

Purchasing power

The government has identified additional financial resources (EUR 347 million) to boost purchasing power in 2027. This amount will be used to increase the so-called table adjustment factor. This will partially offset the limitation in the inflation adjustment proposed in the 2027 Tax Plan as part of the freedom contribution for the year 2027. The related coverage consists of a provisional sum for ‘tax schemes’, whose details are as yet opaque. The government will present a concrete proposal in the spring of 2027.  

Political support

In an effort to secure support for the 2027 Tax Plan, some of the other measures are being toned down as well, such as the deduction for specific health care costs. It will remain in place for the time being, although the scheme will be more closely targeted at the chronically ill and disabled people who have high health care costs. In the meantime, a better alternative is being considered. Also, the VAT increase on ornamental horticulture products will be deferred, with the decision on this matter being transferred to the 2028 Tax Plan. Additional funds are also being made available for the discretionary depreciation arrangement for environmental investments in livestock farming and arable farming.

Whether these measures will be enough to win over the parties remains to be seen in the coming weeks. The vote on the 2027 Tax Plan in the House of Representatives is currently scheduled for 12 November 2026, after which the Senate must give its approval, too.