The Dutch finance ministry on Thursday announced plans to cut the country’s corporate tax rate to 30% over the next three years in an attempt to remain competitive within the European Union.
"This is a spectacular reduction, and if you look at our direct competitors - the countries around us - then foreign investors should decide to come to the Netherlands, and Dutch businesses would also benefit from that," junior finance minister Joop Wijn told public broadcaster NOS.
The tax cut from the current rate of 34.5% will cost the Netherlands €2.4 billion euros ($2.97 billion) a year, which the government will offset largely by higher energy taxes and the ending of tax breaks for company cars, a ministry spokesman explained, according to Reuters.
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