Cabinet brings box 3 back to the fore
The cabinet wants to tax realised capital gains from 2028, but the funding and feasibility remain under debate.
There is news on this story (Friday, 2 October 2026, 19:03): Cabinet rewrites box 3 after fresh Lower House criticism
The cabinet has sent new proposals for box 3 to the Lower House (Tweede Kamer). According to a report by the Reformatorisch Dagblad, from 2028 tax would primarily be levied when capital gains are realised, whereas earlier plans also taxed paper increases in value.
Prime Minister Rob Jetten, Finance Minister Eelco Heinen and State Secretary Tjebbe van Oostenbruggen sent the House a letter on 29 September about box 3, purchasing power and social security. The letter forms the basis for the financial debates beginning today. The cabinet has not yet published a fully developed bill setting out all rates, exemptions and transitional rules definitively.
The direction has become clearer, however. According to the Reformatorisch Dagblad, the cabinet wants to expand a capital gains tax from 2028. In principle, a gain on shares or an increase in the value of other assets would then be taxed when the gain is realised, for example upon sale. This differs from a capital appreciation tax, under which unrealised increases in value can also count each year.
That distinction in particular has caused political resistance in recent months. Investors may owe tax on a gain that exists only on paper and later evaporates. Supporters of taxation upon sale believe it better reflects money that actually becomes available. The counterargument is that taxpayers can postpone their tax by choosing when to sell.
The debate is not only about technicalities. In 2021, the Supreme Court rejected the old method by which the government calculated a deemed return for everyone. Since then, the Netherlands has operated with temporary rules and a scheme allowing taxpayers to provide evidence to the contrary. According to NOS, this means the Treasury misses out on approximately €2.4 billion a year compared with earlier estimates. The cabinet is therefore simultaneously seeking legal redress, a sustainable system and sufficient revenue.
The reported budget proposal also states that earlier cuts to disability and unemployment benefits for 2027 will be scrapped. According to the cabinet, this requires a social agreement with employers and trade unions. The plans would also create room for a temporary reduction in fuel excise duty and an adjustment to box 2. These elements are financially linked to the new capital gains tax.
Political room for manoeuvre is limited. The cabinet does not have a stable majority and must win support from both left-wing and right-wing opposition parties. Left-wing parties mainly want to prevent workers from bearing the cost, while right-wing parties warn about taxing savings, implementation problems and damage to the investment climate. The General Financial Debate may provide direction, but it will not produce a definitive law today.
One story, several perspectives
What is established
- The cabinet is working on a new box 3 system and is moving towards a capital gains tax.
- The precise funding and implementation rules have not yet been established.
- The cabinet does not have a stable majority in either chamber.
Left
Arguments Tax assets according to ability to pay and prevent lower-income people or workers from paying for legal redress and lost revenue in box 3.
Values Equality, solidarity and a more balanced relationship between taxation on labour and capital.
Consequences A heavier levy on substantial assets could strengthen the Treasury, but must avoid disproportionately affecting savers with limited financial buffers.
Centre
Arguments Choose a legally sound and workable system that approximates actual returns, with transitional rules and room for consultation on the funding.
Values Legal certainty, feasibility and administrative stability.
Consequences A carefully crafted compromise could limit new legal proceedings, but would probably mean that implementation takes longer.
Right
Arguments Do not tax paper gains and make saving and investing attractive. Keep the government to a simple system with predictable liabilities.
Values Property rights, economic freedom and a competitive investment climate.
Consequences A more restrained capital levy could protect investment, but might also generate less public revenue.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
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This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The article's core is supported by a House letter, parliamentary documents and public reporting. The parts that have not yet been worked out are explicitly identified as provisional or reported.
- confirmed On 29 September 2026, the cabinet sent a letter about box 3, purchasing power and social security. — Parliamentary document 2026Z20444 gives the date and names the senders. source
- confirmed The cabinet is working towards a capital gains tax. — Minister Heinen explicitly mentions this in his speech. source
- confirmed According to reports, taxation of realised gains would be central from 2028. — This appears in reporting by the Reformatorisch Dagblad; the formal bill has not yet been finalised. source
- confirmed In 2021, the Supreme Court rejected the old assumed-return method for box 3. — NOS describes the legal background to the current system. source
- confirmed According to NOS, the temporary box 3 rules generate approximately €2.4 billion less per year than planned. — This amount appears in NOS's background report on box 3. source
Editor's note
It is certain that the cabinet sent new proposals to the House on 29 September and is again considering a capital gains tax. Details about rates, exemptions and funding have not yet been finalised; some of the specific information comes from reporting on a budget proposal.Sources
- Voorstellen op box 3, koopkracht werkenden en sociale zekerheid — Tweede Kamer
- Kabinetsplannen gelekt; JA21 en SGP niet tevreden — Reformatorisch Dagblad
- Toespraak minister Heinen bij aanbieding Miljoenennota 2027 — Rijksoverheid
- Eerste Kamer stelt stemming over box 3 voorlopig uit — NOS
The story so far
- Wednesday, 30 September 2026, 08:19 Cabinet brings box 3 back to the fore (this article)
- Thursday, 1 October 2026, 13:02 Government revises box 3 again under parliamentary pressure
- Thursday, 1 October 2026, 19:03 Cabinet wants to spare small savers after all
- Friday, 2 October 2026, 19:03 Cabinet rewrites box 3 after fresh Lower House criticism
More on this in Dutch media
- de Volkskrant — „box 3”
- RTL Nieuws — „box 3”
- NOS — „box 3”