The OECD, the international organization helping Governments tackle the economic, social and governance challenges of a globalized economy, advised the Dutch Government to focus more on the extreme rich Dutch tax payers.
What is an extreme rich tax payer
Apparently an extreme rich tax Dutch payer is a Dutch tax resident with an assets exceeding EUR 25 mln. In other words, this list starts at a lower amount than the Quote 500 does. Maybe the Dutch tax office thought 500 was a small number to focus on. Each extreme rich Dutch tax resident will be appointed one person within the tax office that will audit or monitor the fiscal behavior of this rich person.
Extreme rich persons thing ahead
In the OESO advise was clearly stated that the more rich persons think well ahead. They are actively doing tax planning with respect to assets, inheritance, profits etc. Of course you need to have assets in order to plan ahead, but planning ahead made me think.
Why would you not plan ahead?
What is good for the (extreme) rich persons is good for you. My experience is that we receive pin point questions about a situation mostly after the weekend, thought up at the kitchen table undoubtfully, without taking into account any of the fiscal rules. If we could help them with that. When we respond that we are confused about the reason why this is being done, as there is no fiscal advantage, it becomes silent. Never to hear about it again.
That is not the way to follow.
What should you do?
Simple answer. Spend some money on your tax advisor by having a meeting. Initial meeting does not need to last longer than about one hour, you pay for the service. At the end of the hour you have learned what are the possibilities and what not. If you have no possibilities, that is good to know, as well as having some opportunities looked into.
That is how the rich persons make use of rules and regulations, using the services of persons that have made that field their expertise.
The Dutch Government does the same. They have the OECD help them out how to make the Dutch tax system more profitable for them. This time the extreme rich are put under a magnifying glass. Extreme rich tax payers will be audited
Contact us today
You can save on inheritance taxation, but when your relative has deceased last week you are too late. You need to think ahead, plan ahead and you can only do that if you have the knowledge about what to do. Feel free to contact us to set up a meeting and we discuss with you what are opportunities and what not. Extreme rich or not.
