Fiscal changes since the 1st of July

Every year, on July 1st, several regulations change: also in the area of taxation. Fiscal changes could affect the amount of money in your pocket. That is why, in this article, we have listed the most important fiscal changes for you.

1. Lots of savings? You have to pay for this

That the return on your savings is as low as ever, we already knew. However, you still received something on it. But due to the new regulation, lots of savers are obliged to pay money on what they have in their bank account. As of the first of July, the majority of the banks calculate negative interest on people that have more than € 100,000 on their account. This does not make saving particularly attractive. Do you want to get more out of your savings? Check out the alternatives of saving here.

Happy girl who saves taxes

2. E-commerce: change in the VAT-return

Trade to or from abroad (both within and outside the EU) will also undergo fiscal changes. Below, you can read the changes!

Within the EU

If you stay below the turnover threshold of the country to which you deliver, you do the VAT return in the Netherlands. And before the 1st of July, each EU country had its own turnover threshold, which varied between € 25,000 and € 100,000. This has changed: from now on, there is only one threshold of € 10,000 a year that applies to every country. Was your turnover more than € 10,000 in another country within the EU? Then, you pay VAT according to the rules that apply in the country you are delivering.

One Stop Shop

Do you sell more than the threshold amount in another EU country and, therefore, charge the VAT rate in that country? Since the 1st of July, it is possible to register your company for the Union regulation within the One Stop Shop. Within this system, you can arrange your VAT return per quarter in one go.

Outside of the EU

When you deliver goods from a country outside the EU to customers who live within the EU, there used to be an exemption from import VAT if the order value was a maximum of € 22. Unfortunately, in the current situation, this exemption no longer exists. A consequence for consumers is that buying goods outside the EU will become more expensive. This regulation aims to treat the sales of goods from within and outside of the EU more equally.

The M-form

3. Increase the minimum wage

The reason for the increase in the minimum wage is that most political parties agreed that the current minimum wage too low to easily support yourself. Many benefits, like social assistance, AOW, and ANW, are also linked to the minimum wage, which means that these benefits will also increase.

4. Corona support packages extended

Initially, the support packages would expire on July 1. However, it has been decided to partially extend the support. Are you an entrepreneur? Then, the following applies to you, among other things:

  • The TVL (subsidy for fixed costs), NOW (salary support), TONK (temporary support for necessary costs), and Tozo (support for self-employed persons) will be extended by three months.
  • Do you receive a Tozo loan? Then you now have half a year longer to repay this. Entrepreneurs may also start repaying the repayment of their tax debt later: not from October 1, 2021, but from October 1, 2022, and may now take longer (not 3, but 5 years).
  • Good to know: the relaxation of the hour’s criterion as described in this article will not be extended after 1 July.

We are happy to help!

Do you still have questions regarding the fiscal changes? Or do you have other tax-related questions? We are happy to help! Feel free to contact us using the details mentioned below!

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