By our economics editors
Sep 22, 2023 at 2:20 PM Update: 8 minutes ago
ING and ABN AMRO fell on the Amsterdam stock exchange on Friday. This happened after the House of Representatives approved the proposal to increase the bank tax. The proceeds from that tax are used to support lower-income households.
ING fell 4.6 percent and ABN AMRO lost 3.5 percent. The insurers Aegon, ASR and NN Group also fell, falling to more than 2 percent.
Group chairman Jesse Klaver of GroenLinks-PvdA submitted a motion on Thursday to increase the bank tax by 350 million euros. Companies will also have to pay tax on the purchase of their own shares.
This tax is expected to generate 1.2 billion euros. Income from capital and participations in companies is also taxed more heavily. That should raise another 450 million euros.
The Senate must still approve the proposals.
‘Proposal leads to departure of banks’
Outgoing Prime Minister Mark Rutte criticized the proposals. “If the motion becomes law, companies will most likely move to other countries and the income will not be collected,” he said in the House of Representatives on Thursday.
“You run the same risk with the bank tax. We are convinced that this will lead to the departure of banks to Frankfurt, for example.”
The Dutch Banking Association (NVB) is also not pleased with the proposal. “The Netherlands is becoming more unattractive as a business location, which carelessly endangers economic interests,” the NVB said.
VNO-NCW and MKB-Nederland also see nothing in the proposals. The business organizations warn that the consequences of this should not be underestimated.
“These tax increases have an impact on our entire economy. A higher bank tax, for example, leads to higher costs for capital, which in turn has an effect on investments and our future earning capacity. Everyone ultimately pays a price for this impact.”