Overview
- The government proposal would replace Box‑3 with annual taxation of actual portfolio gains, including gains not realised through a sale, starting in 2028.
- The scope covers listed securities such as ETFs, shares and cryptocurrencies, while real estate and start‑up stakes would remain taxed upon sale.
- A uniform rate near 36% and a limited allowance are outlined, with loss offsetting and carry‑forward permitted.
- Critics warn of liquidity strain, citing MP Michel Hoogeveen’s example in which a €50,000 paper gain produced a €16,704 tax bill even if markets subsequently fell.
- Analysts caution that the move could prompt capital relocation within the EU and note close attention in Germany, and the measure remains a proposal before Parliament.