The Dutch government has announced its intention to abolish a capital tax on share issues by investment funds from next year in order to improve the competitiveness of the country’s fund sector.
According to a report by news service Reuters, the finance ministry indicated last week that the 0.55% levy will be abolished with effect from January 2006.
"This tax is perceived in an increasing manner as a tax that puts Dutch investment funds at a disadvantage to funds based in other countries,” said a ministry statement.
“Due to the importance of this sector for the Dutch financial markets and the Dutch economy, we propose the tax be scrapped," the ministry added.
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