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43. payments ensuing from life annuities that have not yet commenced; annuities that have already commenced are also exempted to a certain sum;

44. entitlements and benefits with regard to sickness, disability or accidents, accruing to those concerned or the surviving spouse or minors;

45. personal belongings such as items of artistic or scientific value, clothes, food, gold and silver, pearls and precious stones to a total value of NLG 8,500.

5.2.2. Tax rates

The rate is NLG 7 for every NLG 1,000 of net assets (0.7%). There are two categories, which are: tax class I: single taxpayers; tax class II: married taxpayers.
The taxable amount for resident taxpayers is the total net wealth less the personal allowance. The taxable amount for non-resident taxpayers is the total domestic net wealth without the deduction of a personal allowance.
The personal allowances for resident taxpayers in 2000 are: tax class I : NLG 200,000 tax class II : NLG 250,000

5.2.3. Special allowances

The following amounts may be added to the above allowances:
I. Old-age allowance
The old-age allowance is intended for taxpayers who have little or no provision for pension arrangements, but who have assets, which were hitherto subject to wealth tax in their entirety. As a result of this allowance this category of taxpayers above the age of 35 will be in a position similar to those who have pension arrangements that are exempt from wealth tax.
The following amounts may be added to the above allowance: single persons over 35: minimum NLG 8,000 and maximum NLG 205,000 married persons: minimum NLG 13,000 and maximum NLG 292,000
II. 68% rule (for resident taxpayers only)
If in any given year the total income tax and wealth tax due exceeds 68% of the taxable income for the year then the excess is refunded. For this purpose the taxable income or net salary of a married, but not permanently separated couple and the related income tax or salaries tax are attributed to the spouse with the highest personal income. This provision is not applicable to minors whose income from assets is taxed with that of their parents.

5.3. Tax returns and assessments

The wealth tax is to be paid annually on the total net wealth on 1 January of the relevant financial year. The tax is collected by means of an assessment. The regulations, which are applicable to income tax, are also applicable to wealth tax.

6. Налог на добавленную стоимость(Value Added Tax and Excise Duty)

In the Netherlands value added tax (VAT, in Dutch 'BTW') is levied at each stage in the chain of production and distribution of goods and services.
The tax base is the total amount charged for the transaction excluding VAT, with certain exceptions. Due to deductions in previous stages of the chain
VAT is not cumulative. Every taxable person is liable for VAT on his or her turnover (the output tax), from which the VAT charged on expenses and investments (the input tax) may be deducted. If the balance is positive then tax must be paid to the tax authorities; if the balance is negative then a refund is received. The tax paid by the ultimate consumers of the goods or services is not tax-deductible. The tax is based on the VAT rate applicable to the price, exclusive VAT, of the goods or services received.

6.1. Taxable persons

The taxable persons are the persons conducting a business, who are defined as those who conduct independent business, including natural persons, corporate bodies, partnerships, associations etc. Combinations of bodies forming a single financial, organisational, and economic entity can be considered as a fiscal unit for VAT purposes. In such cases the supply of goods and services within the unit is not subject to VAT. A public body can also act as a taxable person if its activities do not involve public duties.

6.2. Tax base

There are four taxable activities:
|I. |the supplying of goods, |
|II.|the rendering of services, |
|III|the acquisition of goods by businesses (since 1 January 1993), |
|. | |
|IV.|the importation of goods. |

The supplying of goods and services
The term "supplying of goods" (goods are all physical objects, but also include electricity, heating, cooling, etc.) is given a broad interpretation. For example, for VAT purposes the following activities are considered as the supplying of goods: the transfer of ownership of goods under an agreement; the transfer of goods on the basis of a hire purchase agreement; the delivery of goods by a manufacturer who has manufactured the goods from materials provided by the consumer; the private use of goods by a business; the self-supply of goods, if the goods are involved in exempt transactions for which prepaid tax cannot be deducted, or is only partly deductible.
Services are defined as all activities performed for a remuneration that are not classed as the supplying of goods.
Location of deliveries and services
Although the difference between the supplying of goods and the rendering of services is usually a purely theoretical one, there is a valid reason for distinguishing between them with regard to location. Transactions are subject to the conditions and rates applicable at the location concerned.
The location at which the goods are supplied is defined as the location of the goods at the time of supply. An exception is made for goods transported in connection with the supply; in such cases the location of supply is the location at which the transportation began. Another exception is made for a series of supplies of imported goods; in such cases the location of all the supplies is the Netherlands.
The location at which services are rendered is generally deemed to be the place of residence or of establishment of the person supplying the services. However there is a separate regulation for certain services: for example for services involving copyrights and advertising, advice, information, banking, insurance and the services of employment agencies etc., the location at which the services are rendered is the place of establishment of the person to whom the services are rendered. Services involving immovable property are rendered at the location of the property.

6.3. Exemptions

Several types of transactions are exempt from VAT. An exemption means that tax for the transactions should not be charged, and that prepaid VAT attributable to those transactions cannot be deducted. Exemptions are applicable to transactions such as: the transfer or rental of immovable property, with certain exceptions. For example, the delivery of newly-built property until two years after it is first used, and property when the supplier and recipient have opted for taxable delivery are taxable; however the possibility to opt for taxation is restricted to situations in which the property is used for (almost) wholly taxable purposes; medical services; services provided by educational establishments; social-cultural services; most services performed by banks; insurance transactions; non-commercial activities by public radio and television broadcasting organisations; postal services; burials/cremations; sports (not entrance fees); the services of composers, writers and journalists.

6.4. Special arrangements for small businesses (persons) and the agricultural sector

Small businesses run by persons enjoy a tax reduction. If the VAT to be paid after the deduction of prepaid VAT is less than NLG 4,150 then a reduction is granted of (NLG 4,150 minus the VAT due) x 2.5. If a small business consequently does not have to pay any VAT to the authorities then it can, on request, be relieved of the obligation to keep an administration.
For the agricultural sector, i.e. arable farming, cattle breeding, and horticulture, a special provision is applicable which is designed to exclude the agricultural sector from the VAT system entirely. Farmers do not charge VAT and do not have the right to deduct the prepaid VAT. The purchasers of agricultural products from these farmers receive a fixed prepaid VAT deduction of 4.8%. If the tax prepaid by the farmer is more than 4.8% of the value of his sales then this special provision would put him or his customers at a disadvantage; in such cases the farmer may then opt for the usual statutory regulation.

6.5. Tax rates

The general rate is 17.5%. A reduced rate of 6% is applicable to the supply, import, and acquisition of goods and services mentioned in Annex 1 to the VAT-act. The reduced rate is in the main applicable to foodstuffs and medicines. Other goods and services subject to the lower rate include water, art, books, newspapers and magazines, materials required by the visually handicapped, artificial limbs, certain goods and services for agricultural use, passenger transport, hotel accommodation and entrance fees for museums, cinemas, sport events, amusement-parks, zoos and circus and some labour intensive services. The zero rate is intended primarily for exported goods, seagoing vessels and aircraft used for international transport, gold destined for central banks, and any activities which may take place within bonded warehouses or their equivalent. There is also a zero rate for goods, which are transported to another EU member state on which VAT is levied, because of the acquisition in that member state.

6.6. The new VAT system in the single European market

The single European market was completed on 1 January 1993. From this date goods, persons, services and capital may be moved freely within the EU. The transitional arrangements applicable after this date, for which the 1968
Turnover Tax Act of the Netherlands has been amended, contain the following main points.
|I|For private persons buying goods in another member state VAT is |
|.|levied in the country in which the goods are bought (the principle of|
| |the country of origin). The exemption on exports from the member |
| |state and the obligation to pay VAT on the goods on arrival in the |
| |Netherlands are then not applicable. |
|I|For trade in goods between businesses in member states VAT is levied |
|I|in the member state to which the goods are transported (the principle|
|.|of the country of destination) at the rates and under the conditions |
| |of that member state. The business supplying the goods applies the |
| |zero rate. The business receiving the goods submits a tax return with|
| |regard to the goods purchased in another member state. (This |
| |transitional arrangement is applicable until the date on which |
| |transactions became subject to the country of origin principle). |
|I|The principle of the country of destination is also applicable to |
|I|intracommunity deliveries to exempted parties, farmers falling under |
|I|a lump-sum compensation scheme, and legal entities not liable for |
|.|taxation (authorities), unless the total value of the goods purchased|
| |exceeds the threshold of NLG 23,000 (ECU 10,000) |
|I|For mail order transactions or teleshopping involving private |
|V|persons, exempted businesses, legal entities not liable for taxation,|
|.|and farmers entitled to a lump-sum compensation scheme a similar |
| |provision to that referred to in point III is applicable, but with a |
| |threshold of NLG 230,000 (ECU 100,000). |
|V|The principle of the country of destination is always applicable to |
|.|the purchase of new, or almost new, motor cars by private persons or |
| |businesses in another member state.. |
|V|Every business making intracommunity deliveries to another member |
|I|state must submit regular notifications with regard the deliveries |
|.|subject to taxation in that member state (known as the listing |
| |requirement). The business will be required to supply further details|
| |if this is necessary for intracommunity checks on the levying of VAT.|
|V|Since border controls within the EU for tax purposes have been |
|I|discontinued the levying of VAT on imports and the zero rate for |
|I|exports will be applicable only to goods outside the EU. |
|.| |

Imports
Imports are confined to the bringing into free circulation in the
Netherlands of goods from countries outside the EU. The rates to be applied are the same as those applicable to supplies of foods in the Netherlands.
VAT will be levied either in the same way as import duties or, after the appropriate licence has been granted, in accordance with the deferred payment system.
In the first situation the customs procedure is applicable. This means that the tax due must be paid by the declarant when submitting an import declaration, or that security must be provided for this purpose. In the second situation the tax due is collected from the business for which the goods are destined. The time of payment is then deferred until the time at which the business must submit the periodic domestic VAT tax return. In such cases the time of payment is coincident with the right to deduct the same tax.
There are exemptions for imports, but these do not affect the right to the deduction of VAT on input.

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