Box 3 Chaos: Live Broadcast at 15:00 with Paul Buitink and Bert Slagter

Box 3 is closely tied to the Jette government’s tax plan. Without an agreement with the opposition, the government is unlikely to be able to move forward. What do the new Box 3 proposals mean for gold, silver and bitcoin? Today at 15:00, we will discuss them in a live broadcast with Paul Buitink and Bert Slagter.

Watch today’s live broadcast at 15:00 on the Holland Gold YouTube channel. You can submit questions through the YouTube live chat to Paul Buitink, Managing Director of Holland Gold, and Bert Slagter, author of Ons geld is stuk and economic analyst.

Update as of Wednesday 30 September 2026

For a moment, it looked like good news. On 29 September, the government sent a letter to parliament on Box 3. The government is proposing an amending bill. This would modify the current Box 3 bill, which is already under consideration. Under the amendment, the government would move away from a tax on unrealised capital gains following heavy criticism of those plans. This would instead become a capital gains tax. At first glance, that looks like an improvement, until you read the small print.

Jeroen Wollars on X about tensions within the VVD over the new plans. (Source: X).

Entrepreneurs and small investors will bear the brunt, De Telegraaf reported yesterday. It appears that part of the cost of the new plans will be passed on to entrepreneurs and private investors. The Box 3 amendment forms part of a multi-billion-euro proposal through which the government is trying to secure opposition support. And without an agreement, the government has no viable future, according to BNR’s political reporter. It therefore remains highly uncertain whether these plans will actually go ahead.

Key points from the Box 3 amendment:

• From 2028, a capital gains tax will apply to all financial instruments (shares, bonds and options). You would then pay tax only on realised gains. This covers 90% of all types of assets that can appreciate in value.
• The big question is whether physical precious metals may fall outside that 90%, Willem Middelkoop writes on X. Precious metals may remain subject to a tax on unrealised gains until 2030. Until then, you could pay as much as 36% tax on the increase in the value of gold and silver, regardless of whether you have sold the precious metals (after deducting costs and the tax-free allowance). This is the rate set out in the original Box 3 bill. The reference dates are likely to remain 1 January and 31 December, while losses would become deductible.
• From 2030, all assets in Box 3 will be taxed on the basis of actually realised gains. Other types of assets, including physical precious metals if they fall within this category, would therefore be taxed under the capital gains system rather than the tax on unrealised gains.
• In 2027, the tax-free asset allowance will be cut roughly in half, from €59,357 in 2026 to €30,846 in 2027. This means that in 2027 you could become liable for Box 3 tax much sooner, whereas assets of up to around €60,000 are currently exempt. The deemed return could also be raised by 1.5 percentage points in 2027 to 7.9%.
• From 2028, the tax-free gain allowance will be reduced from €1,800 to €1,000. You could then start paying tax on all gains above €1,000 realised on the sale of shares, together with income from dividends and interest.

Major uncertainty surrounding the new Box 3 plans

There is still considerable uncertainty surrounding the proposals. The Box 3 amendment was seen as favourable to the VVD’s voter base and was initially received cautiously positively by opposition parties such as JA21. But now that Jette is seeking support from the left through opposition party Pro, coalition partner VVD is under significant pressure. An internal VVD memo is even circulating that gives VVD members tips on how to explain the current compromise agreement to their supporters. The current Box 3 proposal has passed the House of Representatives, but there is no majority for it in the Senate. Even with an amendment to the new Box 3 legislation now proposed, the position in the Senate remains highly uncertain.

Bert Slagter on X: will the VVD lose its voter base over this? (Source: X).

A 36% tax on gains?

This point appears to be getting lost in the debate, but the original Box 3 reform bill proposed a tax rate of 36%. This would amount to 36% of the total increase in the value of your assets. Compared with neighbouring countries, this is an extremely high rate. It should be noted, however, that the complexity of tax systems makes direct comparisons difficult. Much will depend on the final decisions surrounding Box 3. As for the 36% rate, it is not yet clear what rate would apply if a capital gains tax is introduced.

Willem Middelkoop on X about a possible 36% tax on physical precious metals and crypto. (Source: X).

15:00 live on YouTube with Buitink and Slagter

Watch today’s (Wednesday 30 September) live broadcast on YouTube, which will also be available to watch afterwards. You can submit live questions through the YouTube live chat.

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