If you’ve received a letter from the Dutch Tax Administration titled “Declaration of ActualReturn”, it’s worth taking a closer look. This letter could have a real impact on the amount of tax you pay.Between 15 July and 3 October 2025, the Tax Administration will send these letters topeople who have objected to their box 3 tax assessment.
The letter states that you can report your *actual return* – what you truly earned from your savings or investments, instead of the amount the Tax Office assumes you earned.And that difference can be significant.
Box 3 concerns your assets – savings, investments, crypto, a second home and other possessions, minus any debts.
You pay tax on the portion of your wealth that exceeds the tax-free allowance:
- €57,684 if you have no fiscal partner- €115,368 if you doThe Tax Administration does not use your real return, but a *deemed return*
– a percentagethey think you should be able to earn “on average”.
In 2022, that deemed rate was 5.53%.You then pay **31% tax** on that amount.The problem is obvious: in 2022 savings interest rates were near zero (around 0.1%), and many investments lost value. Yet taxpayers still paid tax on income they never earned.
The turning point came from the courts – especially the well-known *Christmas Judgment*(“Kerstarrest”) of 24 December 2021.In that ruling, the Dutch Supreme Court held that the box 3 system violated *Article 1 of theFirst Protocol to the European Convention on Human Rights (ECHR)*, which protects the right to property. The Court ruled that taxpayers with low or negative returns were disproportionately taxed, effectively paying tax on wealth that had not increased in value.This was seen as an unjustified interference with their property rights.
The system also breached the principle of equality: savers with low returns paid far more tax, proportionally, than investors with high returns.In response, the government introduced a temporary *legal restoration scheme* and drafted a *counter proof arrangement* allowing taxpayers to demonstrate their actual return.
The letter is essentially an invitation to show what you truly earned on your assets. The Tax Administration specifies which years it applies to (usually the years for which you objected). Through an online form, you provide details such as:
- interest received,
- dividends, rent or other income,
- losses or decreases in value,
- and any related costs.
Using these figures, the Tax Administration calculates your actual return and compares it with the deemed 5.53% return (for 2022).If your actual return is lower, your box 3 income will be adjusted – meaning a possible refund.
Imagine you had €200,000 in assets in 2022. According to the Tax Administration, you supposedly earned 5.53%: €11,060.In reality, you had:
- €800 in savings interest,
- €1,200 in dividends,
- €3,000 in investment losses.
Your actual return is therefore €(800 + 1,200 – 3,000) = –€1,000, i.e. negative.Yet you still paid tax on €11,060.Under the new scheme, you can provide proof, and the Tax Administration will adjust your assessment. There’s a good chance you’ll receive a refund.
You won’t get a refund if:
- Your actual return was higher than the deemed return.
- You can’t provide evidence (such as bank statements or annual summaries).
- You didn’t file an objection for the relevant years – in that case, you usually won’t receive the letter automatically.
The counter proof scheme is a temporary measure. The government is working on a newssystem: the *Actual Return Tax Act (Box 3)*, scheduled to take effect on 1 January 2028. The main changes:
- No more deemed returns – you’ll pay tax on what you truly earn.
- Both *direct income* (interest, rent, dividends) and *indirect income* (capital gains on shares or property) will count.
- Certain assets, like shares or real estate, will likely fall under a *capital gains tax*, meaning you’ll only pay when profits are actually realised. It’s fairer, but also more complex.
You’ll need to keep better records, and the TaxAdministration will have more detailed information.
- Check whether you’ll receive the letter. If you previously objected, it should arrive soon.
- Gather your evidence: keep bank statements, investment reports and valuations.
- Calculate whether it’s worth it. If your return in 2022 was clearly below 5.53%, you’relikely due a refund.
- Stay informed. Box 3 rules are evolving quickly.
– what applies today may change tomorrow.
The “Declaration of Actual Return” letter is not just another formality. It’s a chance to correct situations where people paid tax on income they never earned. The shift from fiction to reality in box 3 marks an important move towards a fairer tax system. While the new system will require more record keeping, for many taxpayers it finally feels like justice. So: read that letter carefully, gather your evidence, and see if you’re entitled to a refund.
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