September 12, 2022
Prince's Day 2022: Important fiscal measures for entrepreneurs
On Prince's Day, a lot of plans and measures for 2023 were announced. In addition to all the plans for housing and climate, a lot of fiscal measures were announced for the tax year 2023. We understand that you may not have followed the entire Throne Speech or have been able to extract all the important information from it. That's why we're summarizing the most important points of the Prince's Day Speech for you as an entrepreneur.
These are four of the most important fiscal measures:
1. Phasing out of the self-employed tax deduction from January 1, 2023
The self-employed tax deduction is a very important tax deduction for entrepreneurs for income tax purposes. In 2022, the self-employed tax deduction was €6,310. From January 1, 2023, this self-employed tax deduction will be gradually lowered to €900 in 2027. To compensate for this, the employment discount for low incomes will be increased. Most self-employed people will benefit from this next year.
2. Abolition of the average income regulation from January 1, 2023
In short, the average income regulation is a regulation for persons with a fluctuating income. They often pay more tax than persons with a regular income and can sometimes get a part of the paid tax back with this regulation. In this article of ours, you can read extensively about what averaging is and how it works. The average income regulation will be abolished from January 1, 2023. The last period over which you can still average is 2022-2024.
3. Abolition of the fiscal old-age reserve from January 1, 2023
From January 1, 2023, the fiscal old-age reserve (FOR) will be abolished. This means that the FOR will no longer be fiscally facilitated. With the FOR, you as an entrepreneur can reserve a part of your profit for your old-age provision. You don't have to pay tax on the part of the profit that you reserve at that time. You only pay this tax later when the old-age reserve decreases or is abolished. For example, if you convert the old-age reserve (partly) into an annuity. The FOR is simply a deferral of tax on your profit, which gives you a tax benefit in the short term. The FOR will be abolished from January 1, 2023
4. Increase in untaxed travel expense allowance
Currently, the untaxed travel expense allowance is €0.19 per kilometer. From January 1, this will be €0.21 per kilometer, and from 2024, €0.22 per kilometer. You, as an entrepreneur, can use this untaxed travel expense allowance if you travel for business purposes with your own transport, for example, if you go to the office with your private car.
These are the four most important fiscal measures announced on Prince's Day for entrepreneurs. Of course, there are still many other (fiscal) plans. It can be useful and interesting to gain more knowledge about other announced plans and measures.