Dutch startups are increasingly concerned about the capital gains tax set to take effect in 2028. They fear employees and investors will be taxed on unrealized gains, creating liquidity problems for shareholders without exit proceeds. For starting companies, this could make it harder to attract talent and secure fresh capital. The measure risks adding friction at a time when scale-ups are already competing internationally for funding and skilled workers.
Prince Constantijn of the Netherlands, figurehead of the Dutch tech sector, warned on WNL Op Zondag that the new regime sends the wrong signal abroad. According to the special envoy of Techleap, the policy undermines the business climate, just as the government says it wants to back innovation and scalable technology. “The message is: Don’t come, the Netherlands isn’t open for business.”
The new box 3 framework replaces the notional return with taxation of actual value increases on savings and investments. Startups are granted an exemption, with tax due only upon sale, but uncertainty remains about how a startup will be defined in practice. The exemption also doesn’t apply to shareholdings below five percent, leaving many minority investors and employees exposed.
The Dutch House of Representatives approved the accrual tax two weeks ago as a temporary measure, albeit reluctantly. The Senate still has to debate the bill before it can enter into force.
