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Income Tax In The Netherlands
Income tax in the Netherlands (personal, rather than corporate) is regulated by the ''Wet inkomstenbelasting 2001'' (Income Tax Law, 2001). The fiscal year is the same as the calendar year. Before May 1 citizens have to report their income from the previous year. The system integrates the income tax with fees paid for the general old age pension system ( AOW), the pension system for partners of deceased people ( ANW), and the national insurance system for special medical care ( WLZ). There are three categories of income, each with their own tax rates. They are referred to as "boxes". Progressive tax on wages etc. (box 1) There is a progressive tax on wages, social security benefits and pensions. Thus there are tax brackets, each with its own tax rate. Mathematically, apart from discretization (whole euros both for income and for tax), the tax is a continuous, convex, piecewise linear function of income. For people above the pension age, the social security component is reduced. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voluntary Association
A voluntary group or union (also sometimes called a voluntary organization, common-interest association, association, or society) is a group of individuals who enter into an agreement, usually as volunteers, to form a body (or organization) to accomplish a purpose. Common examples include trade associations, trade unions, learned societies, professional associations, and environmental groups. All such associations reflect freedom of association in ultimate terms (members may choose whether to join or leave), although membership is not necessarily voluntary in the sense that one's employment may effectively require it via occupational closure. For example, in order for particular associations to function effectively, they might need to be mandatory or at least strongly encouraged, as is true of trade unions. Because of this, some people prefer the term common-interest association to describe groups which form out of a common interest, although this term is not widely used or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Foundation
A private foundation is a Tax exemption, tax-exempt organization that does not rely on broad public support and generally claims to serve humanitarian purposes. Unlike a Foundation (nonprofit), charitable foundation, a private foundation does not generally solicit funds from the public or have the legal requirements and reporting responsibilities of a registered non-profit or charitable foundation. Not all foundations engage in philanthropy; some private foundations are used for estate planning purposes. Description One of the characteristics of the legal entities existing under the status of "Foundations" is a wide diversity of structures and purposes. Nevertheless, there are some common structural elements that are the first observed under legal scrutiny or classification. * Legal requirements followed for establishment * Purpose of the foundation * Economic activity * Supervision and management provisions * Accountability and auditing provisions * Provisions for the amendmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Algemeen Nut Beogende Instelling
Since 2008 the Dutch Tax Administration can designate an institution to be a "Public Benefit Organisation" (Dutch: ''Algemeen Nut Beogende Instelling'', ANBI). At least 90% of the efforts of an ANBI has to be focused on the general good. In addition, from 2012 until at least 2018, the ''culturele ANBI'' (cultural ANBI) would have profit from even more Dutch tax advantages. Conditions The ANBI does not have to be a Dutch legal personality. But often the ANBI is a Dutch foundation ('stichting'), though not every foundation qualifies. It can also be a Dutch ''vereniging'' (voluntary association). It cannot be an organisation that is for the benefit of its members or shareholders only: a sport club, association of personnel, or a commercial institution. The ANBI does not have to have registered offices in the Netherlands nor in the EU. The most important conditions are: *The ANBI can not be a company with capital divided into shares, a cooperative, a mutual insurance society or anot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gift
A gift or present is an item given to someone (who is not already the owner) without the expectation of payment or anything in return. Although gift-giving might involve an expectation of reciprocity, a gift is intended to be free. In many countries, the act of mutually exchanging money, goods, etc., may sustain social relationships and contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy. By extension, the term ''gift'' can refer to any item or act of service that makes the other happier or less sad, especially as a favor, including forgiveness and kindness. Gifts are often presented on occasions such as birthdays and holidays. History Gift-giving has played a central role in social and economic systems throughout human history. Anthropologist Marcel Mauss argued in '' The Gift'' (1925) that gifts in archaic societies were embedded in systems of obligation, where the act of giving, receiving, and recip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deduction
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax. Above and below the line Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. Limitations Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. Capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Credit
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate. Refundable vs. non-refundable A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference. In other words, it makes possible a negative tax liability. For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Exemption
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. A tax exemption is distinct and different from a tax exclusion and a tax deduction, all of which are different types of tax expenditures. A tax exemption is an income stream on which no tax is levied, such as interest income from state and local bonds, which is often exempt from federal income tax. Additionally, certain qualifying non-profit organizations are exempt from federal income tax. A tax exclusion refers to a dollar amount (or proportion of taxable income) that can be legally excluded from the taxable base income prior to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dividend Tax
A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax. In some cases the withholding tax may be the extent of the tax liability in relation to the dividend. A dividend tax is in addition to any tax imposed directly on the corporation on its profits. Some jurisdictions do not tax dividends. To avoid a dividend tax being levied, a corporation may distribute surplus funds to shareholders by way of a share buy-back. These, however, are normally treated as capital gains, but may offer tax benefits when the tax rate on capital gains is lower than the tax rate on dividends. Another potential strategy is for a corporation not to distribute surplus funds to shareholders, who benefit from an increase in the value of their shareholding. These may also be subject to capital gain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
