Bill 36748: How Parliament Voted
The Actual Return on Investment in Box 3 Act was approved by the House of Representatives on February 12, 2026.
What the experts said
Eerste Kamer expert hearing — concluded May 19, 2026
Block 1 — 17:00 · Taxation, law and governance
Academics divided. Bas Jacobs (VU) and Ruud van den Dool (Nyenrode) defended the bill as the only systemically correct option against lock-in and tax deferral. Edwin Heithuis (UvA) called the proposal 'an expensive, temporary intermediate step' and advised the Senate to withdraw it and reintroduce a redesigned version for 2028. Peter Essers (Tilburg) called the dossier 'a tragedy of missed opportunities' and pressed on legal certainty and EU law. Robert van der Jagt (NOB) warned of damage to the investment climate, capital flight, loss-offset gaps, and implementation complexity.
Block 2 — 19:30 · Business, private wealth and feasibility
Uniformly critical. Gijs Strijker (VNO-NCW) said business prefers a capital-gains tax and argued for predictability for family firms. Cor Overduin (Vastgoed Belang) called the real-estate deemed-return rule 'trouble whichever way you slice it' and announced that Vastgoed Belang will pursue litigation. Hanneke Kroonenberg (Van Lanschot Kempen) highlighted liquidity risk: clients may be forced to sell to pay tax on unrealized gains. Lucien Burm (Dutch Startup Association) reported that nearly 40% of funded start-ups consider relocating — around 11,000 firms fall under the regime.
No consensus among the academics; block 2 was uniformly critical. Only Jacobs and partly Van den Dool defended the bill in its current form.
Next: after the written round (May 29, June 12) and the State Secretary's letter (June 19), the plenary debate took place on June 30 with four motions. On July 7 the Schalk motion on withdrawing the bill was rejected; the three motions pushing toward a capital-gains tax were held. The bill itself was not put to a vote — that follows only after the novelle is treated, which the cabinet files on Prinsjesdag. A majority of senators leans toward a capital-gains tax; SP, Volt and GroenLinks-PvdA remain explicitly in favour of the original bill.
Current status: Senate (Eerste Kamer)
On March 17, the Finance Committee received a technical briefing and held an oral consultation with State Secretary Eerenberg. Eerenberg outlined a three-pillar response: better communication, softening measures ('verzachtingen'), and a faster move toward a full capital gains tax. A novelle (amendment bill) is being prepared, potentially for submission at Prinsjesdag (September 2026). An expert symposium is planned after the May recess.
Eerenberg promised a letter with proposed softening measures by June 2026. The committee submitted its report on April 7 (one week past the March 31 deadline); the government's nota naar aanleiding van het verslag (NnavV) followed on April 24. On May 12 the committee holds a procedural meeting on next steps; on May 19 the expert hearing takes place with two 90-minute blocks of external experts. The novelle could be submitted at Prinsjesdag, but this is not guaranteed. Senators have requested parallel treatment of the novelle alongside the original bill.
The Eerste Kamer is not expected to vote before the novelle is ready. The Belastingdienst, banks, and insurers need lead time to adapt ICT systems, making the January 1, 2028 implementation date increasingly uncertain. A delay to 2029 or later is likely. Multiple senators pressed on whether the bill could be withdrawn entirely. Eerenberg is also researching 'life events' (divorce, inheritance) and their interaction with Box 3 taxation — some may be addressed via a carry-back mechanism.
The scope of the novelle remains unclear. Eerenberg emphasized changes go beyond Box 3 into the 'broad wealth domain' (brede vermogensdomein). Key unresolved questions: whether structural funding can cover the one-time transition cost, what happens with any overdekking (over-coverage), and when a full capital gains tax can realistically be introduced. Lock-in effects and fiscal complexity make the timeline unpredictable.
Legislative timeline
Bill 36748 "Wet werkelijk rendement box 3" officially submitted to the House of Representatives by State Secretary Heijnen.
Intensive debate session with over 130 questions posed to State Secretary Heijnen. Deep parliamentary skepticism despite consensus that reform is needed.
The D66/VVD/CDA coalition agreement formally states that the long-term aim is to replace the capital growth tax (aanwasbelasting) with a full capital gains tax system. A parliamentary majority has asked the new Cabinet to come up with a way in which investors only pay tax on realized returns.
Bill passed with a broad but reluctant majority of 93 votes in favor and 57 against. Described as voting "with great reluctance" (met lange tanden). Only amendment nr. 11 (3-year evaluation) was accepted.
Widespread social media protests erupt as citizens and investors express anger over the proposed 36% tax on unrealized gains. Critics raise concerns about liquidity problems (paying tax without selling assets), unequal loss relief, capital flight risk, and harm to family businesses. Misinformation spreads claiming the law was already scrapped.
The Senate Finance Committee holds its first procedural meeting on the bill. The committee decides to request a technical briefing from the Ministry of Finance (with the Tax Authority invited) and plans to organize expert meetings.
Finance Minister Heinen (VVD) states the bill cannot proceed in its current form and wants to go 'back to the drawing board'. The main criticism he considers justified concerns the lack of loss carryforward: if shares rise in 2028 you pay tax, but if they fall in 2029 you get no refund. Liquidity problems with real estate and startups are also acknowledged. Heinen emphasizes amendments must remain revenue-neutral. GroenLinks-PvdA leader Klaver calls the intervention 'frankly inappropriate'.
The government sends an official letter to the Eerste Kamer outlining its intention to adjust bill 36748. The letter details the areas under consideration for amendment following Minister Heinen's February 25 intervention.
The Eerste Kamer Finance Committee discusses the state secretary's letter about planned adjustments to the bill. The committee continues preparing for the technical briefing and expert meetings.
The March 15 deadline was set to give banks, insurers, and other chain partners sufficient lead time (roughly one year and nine months) to adapt ICT systems for the January 1, 2028 start date. While the Tweede Kamer passed the bill before this date, the Eerste Kamer has not yet begun substantive debate. The legacy CoolGen system must be retired by December 31, 2027, adding further time pressure.
The Eerste Kamer Finance Committee received a technical briefing from the Ministry of Finance and held an oral consultation with State Secretary Eerenberg. Eerenberg outlined three pillars: better communication, softening measures (verzachtingen), and faster transition to a capital gains tax. A novelle is being prepared for Prinsjesdag. 18 senators attended. Official transcript published.
The Eerste Kamer Finance Committee submits its verslag on bill 36748, one week past the original March 31 deadline. Committee status: awaiting the government's nota naar aanleiding van het verslag. Institutional input filed since March 17 includes letters from Baker Tilly (March 22) and labor union VCP (March 26), alongside roughly fifteen citizen letters.
State Secretary Eerenberg submits the cabinet's written response. Topics covered: income determination and asset valuation, loss offset, special rules for real estate, start-ups and insurance products, international coordination with EU law, rationale for rejecting alternative systems, and administrative impact.
The Senate Finance Committee discusses next steps for bill 36748 now that the government's nota naar aanleiding van het verslag has been received. The meeting decides whether the Senate waits for the novelle or proceeds to substantive debate.
Block 1 (academics/NOB) was split: Jacobs (VU) and Van den Dool (Nyenrode) defended the bill; Heithuis (UvA) advised withdrawal and redesign; Essers (Tilburg) called it 'a tragedy of missed opportunities'; Van der Jagt (NOB) warned about the investment climate and implementation complexity. Block 2 (VNO-NCW, Vastgoed Belang, Van Lanschot Kempen, Dutch Startup Association) was uniformly critical — Vastgoed Belang announced litigation; Dutch Startup Association reported that 40% of funded start-ups consider leaving. Next: second written round on May 26.
One week after the expert hearing, the Senate Finance Committee submitted its inbreng for the second written round — the questions the government must answer in writing before plenary debate can begin.
The Finance Committee issues its second report (EK document G) with follow-up questions to the government, following the expert hearing and the May 26 written round.
The cabinet sends the nota naar aanleiding van het tweede verslag (EK document H) with attachment — the written response to the questions from the second written round.
State Secretary Eerenberg sends a letter (EK document I) on improvements to the Wet werkelijk rendement box 3 and the route toward further development into a vermogenswinstbelasting — a capital-gains tax on realized profit instead of annual accrual. The cabinet will give insight before the summer recess on what is feasible; budgetary decisions follow in August and a novelle on Prinsjesdag.
The Finance Committee decides to include the June 19 letter in the June 30 plenary treatment of bill 36748.
The Senate debated bill 36748 in plenary (including a continuation session). Four motions were submitted: Kroon (BBB) et al. on investing in a law based on a capital-gains tax (document J); Van den Oetelaar (FVD) et al. on the expected long-term revenue from a capital-gains tax (K); Van Rooijen (50PLUS) on a one-off reduction of dividend tax (L); and Schalk (SGP) et al. stating 'no objection to withdrawing the bill' (M). Coalition party CDA voiced fundamental objections to taxing unrealized share gains. The final vote on the bill itself was postponed until the announced novelle(s) have been treated. The same day the State Secretary sent a further letter answering outstanding questions.
The Senate publishes the final reports of both May 19 expert hearings: 'tax law, justice and government' (block 1) and 'economy, impact on business and individuals, feasibility' (block 2).
The Schalk et al. motion (36748, M) stating 'no objection to withdrawing the bill' was rejected by a show of hands. Voting against: GroenLinks-PvdA, Volt, ChristenUnie, CDA, D66, SP, PvdD, VVD, Fractie-Visseren-Hamakers and OPNL; in favour: SGP, FVD, PVV, JA21, BBB, 50PLUS and several one-member groups. The Kroon (J), Van den Oetelaar (K) and Van Rooijen (L) motions were held (aangehouden). The Finance Committee accepted the June 19 letter for acknowledgment. The bill itself was not put to a vote: that follows only after the novelle is treated.
Eerenberg indicated a novelle (amendment bill) could be submitted at Prinsjesdag (third Tuesday of September 2026). Senators have requested parallel treatment alongside the original bill, but Eerenberg could not commit to timing.
The new Box 3 system based on actual returns is scheduled to take effect, but with the Senate still reviewing the bill and amendments pending, a delay to 2029 is increasingly likely.
Parliament has mandated that the government present a proposal for a full capital gains tax system by Prinsjesdag 2029. The coalition agreement supports this transition.
Bill approved by Tweede Kamer
February 12, 2026 — Passed with broad but reluctant majority
Voted FOR
(7)Voted AGAINST
(9)* BBB voted against despite State Secretary Heijnen being a BBB member
Important context
- The bill was passed "with great reluctance" (met lange tanden) — nearly all parties view the new system as temporary.
- Parliament wants a full transition to a capital gains tax (only taxing realized profits) by 2029.
- The most controversial element is the taxation of unrealized gains: you may owe tax on "paper" profits you haven't actually received.
- The current system costs the treasury approximately €2.3 billion annually in lost revenue due to court rulings.
Why this change is legally required
The Supreme Court's 'Christmas ruling' (Kerstarrest, 2021) and June 2024 rulings declared the current forfaitaire system legally untenable. The interim tegenbewijs (counter-evidence) rule has created what officials call a 'choice regime' (keuzeregime) — a fiscal sieve where the state captures no upside but absorbs all downturns.
If your actual return is lower than the presumptive rate, you pay less tax. But if your actual return is higher, you don't pay more. This asymmetry costs the treasury approximately €2.3 billion annually.
What the law changes
Bill 36748 replaces the current forfaitair (deemed return) system with taxation based on actual returns, starting January 1, 2028.
From deemed to actual returns
Under the current system, the tax authority assumes a fixed rate of return on your wealth (forfaitair rendement), regardless of what you actually earned. Bill 36748 fundamentally changes this: you will be taxed on your actual income and value changes.
- The current heffingsvrij vermogen (tax-free capital of ~€57,684) is replaced by a tax-free income allowance of €1,800 per person per year.
- A flat tax rate of 36% applies to all taxable Box 3 income.
- Banks and financial institutions will report your data directly to the Belastingdienst.
- The law will be evaluated after 3 years (shortened from 5 via CDA amendment) to allow earlier adjustments.
Two taxation methods
The law introduces a dual system. Different asset types are taxed under different methods:
Vermogensaanwasbelasting
Capital growth tax — taxes unrealized gains annually
You pay tax each year on your total return: dividends, interest, and both realized and unrealized value changes. If your shares rose by €5,000 on paper, that counts as taxable income — even if you didn't sell.
Applies to:
- Shares & equity funds
- Bonds & ETFs
- Crypto assets
- Bank savings (interest)
Vermogenswinstbelasting
Capital gains tax — taxes only at realization
You only pay tax when you actually sell the asset or it is transferred (e.g. at death). Annual rental income is still taxed each year, but value appreciation is deferred until sale.
Applies to:
- Real estate (not primary residence)
- Shares in startup companies
How each asset type is taxed
Bank & savings
Interest received on savings accounts is taxed in the year it is received. Value changes on the account balance itself do not apply.
Shares & securities
Dividends plus all value changes (realized and unrealized) are taxed annually. Valued at market price on December 31.
Crypto assets
Treated the same as shares. Holdings are valued on January 1 and December 31, with all gains and losses counted annually.
Bonds & ETFs
Interest/coupon payments plus unrealized value changes are taxed annually under the capital growth tax.
Real estate
Value appreciation is only taxed at sale. Rental income is taxed annually. Unrented properties face a deemed addition of 3.35% of WOZ value.
Startup shares
Shares in qualifying startup companies are taxed only upon realization (sale or transfer), not on annual value changes. Startup definitions are being aligned with upcoming 2027 employee participation legislation.
Tax rate
36%
A single flat rate applies to all taxable Box 3 income, regardless of asset type. This replaces the varying forfaitair rates per category.
Tax-free allowance
€1,800
Per taxpayer per year (€3,600 with fiscal partner). Replaces the current heffingsvrij vermogen of ~€57,684. This means you only pay tax if your actual returns exceed €1,800.
Special rules for real estate
Real estate in Box 3 is not taxed on unrealized appreciation (unlike shares). Instead, it uses a capital gains tax model with special rules depending on usage:
Initial property values are fixed at the WOZ value as of January 1, 2028. Mortgage debt on the property is deductible. Mortgage interest is deductible against rental income.
Loss carry-forward rules
If your Box 3 investments have a negative return in a year, you may carry the loss forward to offset future gains. However, a threshold applies:
- Only losses exceeding €500 per taxpayer per year can be carried forward (the first €500 in losses is absorbed).
- Losses can be carried forward indefinitely — there is no time limit.
- Losses can only be carried forward, not backward. A 1-year carry-back (terugwenteling) is under discussion but not yet included in the bill — it would cost an estimated €1 billion in the transition years.
- The €500 threshold is per calendar year and is subject to annual indexation.
- Carried losses are offset against positive returns in future years before the tax-free allowance is applied.
Costs & deductions
Under the new system, certain costs are deductible from your Box 3 income:
- Costs for acquiring, collecting, and preserving income are generally deductible (e.g. custody fees, advisory costs directly tied to income).
- Interest on Box 3 debts remains deductible.
- Transaction costs for buying or selling investments are generally NOT deductible.
- Maintenance costs on investment property are generally NOT deductible.
- Asset management fees are NOT deductible unless embedded in fund valuations.
Box 3 by the numbers
Key statistics from the March 17 technical briefing
2.6 million
Box 3 taxpayers
2023 data
€272 billion
Savings
€147 billion
Stocks & bonds
€232 billion
Real estate
3%
Revenue concentration
of high-wealth taxpayers drive the majority of Box 3 revenue
70%
Minimal tax impact
of taxpayers (wealth under €50k) pay minimal tax under both systems
What changes for you in practice
Based on implementation details from the March 17 briefing
Less pre-filled tax returns
The percentage of fully pre-filled Box 3 returns (vooringevulde aangifte) will drop from 85% to 64%. You will need to manually report: maintenance costs, improvement costs, and foreign bank account details. CRS/FATCA data for foreign accounts may arrive too late for pre-filling.
7-year record-keeping obligation
A new bewaar- en administratieplicht requires taxpayers to keep receipts and documentation for all Box 3-related costs, improvements, and transactions for at least 7 years.
Toeslagen volatility risk
Box 3 income counts toward your verzamelinkomen (aggregate income), which determines eligibility for toeslagen (zorgtoeslag, huurtoeslag, etc.). Market fluctuations in your Box 3 returns could cause unexpected swings in your benefit eligibility — a problem the government calls 'doenvermogen' risk.
January 1, 2028 value reset
When the new system starts, all assets receive a new cost basis at their market value on January 1, 2028. Historical purchase prices become irrelevant — only gains and losses from 2028 onward are taxed. This is called the 'step-up' mechanism.
Implementation challenges
Details from the March 17 Senate briefing
CoolGen: the ICT crisis
The Belastingdienst runs on a legacy ICT system called 'CoolGen' dating back to the 1970s. It must be fully decommissioned by December 31, 2027 for the new system to work. Deputy DG Boterman flagged 'five red flags': the system cannot handle actual-return calculations, dual tax methods, or the new data flows required. This is a hard deadline with no fallback — if CoolGen isn't retired in time, the 2028 launch fails.
900 additional staff needed
The Belastingdienst requires approximately 900 additional FTEs — structural, not temporary. This includes specialized valuation experts and ICT architects, profiles that are scarce and in direct competition with the private sector. Officials acknowledged that service quality may degrade during the transition.
Chain partner lead time: one year and nine months
Banks, insurers, and brokers need roughly one year and nine months (~21 months) to adapt their IT systems for the new data reporting requirements. For a 2028 start, the bill needed to pass the Tweede Kamer by March 15, 2026 (rijksoverheid.nl). It passed February 12, but the Senate review continues — banks need to start building now while the bill may still change.
Revenue projections: the J-Curve
The Ministry's micro-simulations (projecting to 2060) show a characteristic revenue pattern:
- 1Initial spike — the one-way tegenbewijs revenue leak is plugged, capturing returns that were previously untaxed
- 2Normalizing dip — carry-forward losses accumulate and lock-in behavior begins (people hold assets longer to defer realization tax)
- 3Long-term growth — driven by real estate 'ingroei' as properties are gradually sold over a ~30-year cycle, each sale triggering a realization event
Revenue projections are sensitive to global market conditions. Officials explicitly mentioned sensitivity to geopolitical shocks and trade war scenarios.
Key figures
Eugène Heijnen
State Secretary of Finance (BBB)
Responsible for guiding the bill through Parliament. Faced over 130 parliamentary questions during the January 19, 2026 debate. Notably, his own party BBB voted against the bill.
Inge van Dijk
Member of Parliament (CDA)
Author of the only accepted amendment (nr. 11): shortening the mandatory evaluation period from 5 to 3 years, allowing earlier adjustments to the law.
Party positions & debate
Proposed amendments
Only one amendment was accepted by the government during the parliamentary process.
| Nr. | Proposer | Description | Outcome |
|---|---|---|---|
| 11 | Inge van Dijk (CDA) | Shortening the mandatory evaluation period from 5 to 3 years, allowing earlier adjustments to the law's content and implementation. | Accepted |
| — | JA21 | Introducing loss compensation with retroactive tax refunds after bad investment years. | Rejected |
| — | Elmar Vlottes (PVV) | Motion to prevent taxation on unrealized gains ("paper profits"). | Rejected |