In this newsletter you will find more information about:
1. The tax return for 2002
2. Request for update tax return 2001
3. Tax refund to a foreign bankaccount
4. Education costs
5. Portfolio management
6. Value Palace
The taxoffice aims to send everybody who filed their taxreturn before April 1 a provisional refund or provisional tax assessment before July 1 2003. The Secretary of State of the Finance department has said that the taxoffice has not been able to do this for everybody. Investigation showed that the taxoffice has 'forgotten' 245.000 taxpayers. The taxoffice will do everything they can to inform everybody who hasn't heard anything yet as soon as possible. With the holidays coming this will not be easy.
Many clients haven't received any response yet from the taxoffice regarding the tax return for 2001 which has been filed. It's known that the tax office has many problems processing all the taxreturns but we believe that it has taken enough time. To be able to contact the taxoffice we would like to know who hasn't received a (provisional) taxassessment for 2001 yet. We will then contact the taxoffice and hopefully get an answer from them.
Good news for expats who are planning to leave the Netherlands or have already left. It's not obligated (anymore) to keep your Dutch account open for tax reasons. If possible, the tax office will transfer the amount of the refund to a bank or giro account with a bank in the Netherlands. This expedites the transaction. But you can also use an account number outside the Netherlands though payment will be delayed. The tax office will pay the costs for transferring the amount to an account number outside the Netherlands.
If you have decided to follow a course or to go to University, for example to get your MBA, these costs can be deductable if the purpose is to get a better job or to make a career step within the current company.
The following costs may be deductible:
- enrolment fee
- application fee
- costs of exams
- books and other literature
- materials and pc
The following costs are never deductible:
- your own life support, like housing, food and clothes
- travel costs and costs of staying somewhere else
- costs for a room where you can study including furniture
Education costs can only be deductible if they are more then E 500. The first E 500 are not deductible. The maximum deductible amount per year is E 15.000. If the employer pays or reimburses part of the fees then this part is also not deductible.
More taxtips are available on our website: http://www.expatax.nl/taxtips.php
Recently two new investment advisors joined our company. We will introduce them on our website shortly. With their knowledge and experience Europlan is even more able then before to provide advice concerning the right investment policy. If you are looking for advice in this hard economic time regarding your investments or retirement planning feel free to contact us.
If you are not satisfied with your current advisor or maybe he/she left the Netherlands, please talk to us. We have been in the Netherlands for a very long time and are not planning to leave.
The value of a royal palace for the WOZ is not nil, according to the judge. The owner of the palace meant that a palace doesn't have a taxable value since it would be unsalable. The court decided that the value of the palace, in this case palace Noordeinde in the Hague, is around € 7.7 million. The owner has appealed against this decision. So you see, that everybody in the Netherlands has to pay tax, even the royal family.
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If you have any questions about the above you can always contact me. Feel free to forward this newsletter to other persons who you believe may be interested in receiving it. They can subscribe to our mailinglist on http://www.expatax.nl/newsletter.php.