A busy week in political The Hague. Last Friday the new cabinet presented its coalition program and today the million note was presented to the House of Representatives during Prinsjesdag. Both a first for the Schoof administration. A new cabinet with new coalition partners and new ideas. From DUFAS we would like to bring you up to date on the five issues of importance to the sector.
Business climate is strengthened
What strikes us first, and pleases us, is the attention paid to strengthening the Dutch business climate. The cabinet endorses the importance of the private sector as an engine of the economy and largest employer. The Cabinet also takes a critical look at previous years. Excessive regulatory pressure and unpredictable government policy have worsened the climate for establishment and business. Clear, stable and predictable policy is now promised by the cabinet. This was cited in the Speech from the Throne by King Willem-Alexander.
Concrete fiscal measures
The government is taking a step in the right direction with a number of measures. For example, by reducing the interest deduction limitation in corporate income tax to 25% again, bringing it more in line with the European average. It also reverses the abolition of the dividend tax exemption on the purchase of own shares for listed companies. The ouster of the 30% ruling will be limited to 27%. These are concrete examples with which the government demonstrates that it is also willing to take measures that cost the treasury money. With regard to the fiscal investment institution, a Note of Amendment to the Tax Plan will follow on a technical level (to better implement the previously planned adjustment).
Less regulatory burden and national headlines
In addition, we are pleased with the steps the government intends to take to ease the regulatory burden. We at DUFAS have made considerable efforts in recent years to gain greater understanding, both officially and politically, of the regulatory burden facing the asset management industry. National headlines on European policy and an ever-expanding package of regulations are a burden on our members. It is good that the government is declaring that it will not put new national headlines on EU policy and will remove existing national headlines where possible. We are also curious about the implementation of the regulatory burden reduction program. From DUFAS we are currently busy mapping out the national headlines that affect our sector so that we can enter into discussions with the Ministry of Finance in the near future.
Increased focus on financing
For DUFAS, the new focus on the investment climate is top priority. Both the Netherlands and the EU have great ambitions and too little (private) capital. To stimulate innovation and growth, entrepreneurs need better access to finance, and financiers need easier access to investments. The cabinet is going to develop a Financing Hub to provide SMEs with easier financing. For this they want to enter into discussions with the financial sector. From DUFAS we are open to this conversation in order to create an optimal financing climate. Also, €250 million is intended as Blended Finance to offer complex projects with high social impact the financing solution that completes the picture.
Climate commitment more in line with international agreements
Finally, it also emphasizes the importance of a green and innovative financial sector when it comes to climate and energy transition. Something that we are fully committed to with the Climate Commitment.The new cabinet also wants to bring the Climate Commitment more in line with European and international standards. Something that DUFAS has been fighting for for some time. We are also pleased that the Ministry of Finance is continuing to promote financial education through the 'Wijzer in Geldzaken' platform.
Five positive points from the coalition program and the Budget Memorandum. But of course, concerns remain. For example, the coalition does not always seem stable and major policy and financial choices will only be made from 2026 onwards. Also, many crucial dossiers (migration and nitrogen) have a high dependence on cooperation from Brussels. But despite these concerns, we have a positive aftertaste from the coalition program and the Budget Memorandum.
In the coming period the various budgets, and for example the Tax Plan, will be dealt with separately by the various House committees. Through the newsletter and regulatory updates, we will keep you informed of our efforts on all dossiers.
