[World Tax News] Netherland approves Tax Plan for 2023; Zero tax on Solar panels and more
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- Last Updated on 18 July, 2024
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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Netherlands: 2023 Tax Plan Approved in Dutch Senate
On 20th December 2022, the Dutch Ministry of Finance released an overview of the significant tax changes that will take effect in 2023. These changes were approved by the Senate (upper house of parliament) and are highlighted in the 2023 Tax Plan.
The overview includes details on the changes to corporate tax rates, individual income tax rates, property transfer tax rates, and more. The new tax changes are part of the Dutch Government’s efforts to promote economic growth and stability.
Major tax changes are as follows:
(a) Starting 1st January 2023, the lower corporate tax rate in the Netherlands will be raised from 15% to 19%. Further, the first corporate income tax bracket will be reduced from € 395,000 to € 200,000.
(b) With effect from 2023, the payment discount for provisional corporate income tax assessments will be abolished. This payment discount is granted if the provisional corporate income tax is paid in one go before the first payment term expires.
(c) The basic rate of individual income tax for individuals will be reduced from 37.07% to 36.93% for income up to € 73,031. The top rate will remain at 49.50%.
(d) From 1st January 2023, VAT on solar panels will be abolished, and the rate will eventually drop from 21% to 0%. This zero rate only applies if the solar panels are installed at homes or outbuildings of a home.
Source: Tax Plan 2023
2. Ukraine terminates Tax Treaty with Belarus
The Ukraine Government has decided to terminate the double taxation agreement between the Government of Ukraine and the Government of the Republic of Belarus.
The tax treaty was concluded on 24th December 1993 in Ashgabat and ratified by Ukraine on 20th December 1994.
A letter released by the Government has stated that the termination of the tax treaty shall be effective from 20th December 2022.
Source:
Law no. 2743-IX
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