gestald
English translation: foreign-source income carried forward (under the 'transfer facility')
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| 20:27 Jul 3, 2016 |
| Dutch to English translations [PRO] Bus/Financial - Accounting | |||||
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|  Selected response from: Kitty Brussaard Netherlands Local time: 08:42 | ||||
Grading comment
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| Summary of answers provided | ||||
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| 4 | held; deposited (in); stored |
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| 3 | held(-)over; Foreign income holdover relief |
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| 3 | foreign-source income carried forward (under the 'transfer facility') |
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| Summary of reference entries provided | |||
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| refs |
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| Ref |
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| Discussion entries: 5 | |
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Answers
19 mins confidence: 
held; deposited (in); stored Explanation: See my Ref comment and Discussion entry. |
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1 hr confidence:
| gestald; Verrekening gestald buitenlands inkomen held(-)over; Foreign income holdover relief Explanation: doorschuifregelingen: holdover arrangement vs. rollover in UK tax, namely a ploughback of profits into a future investment. I will leave Kitty B to add her answer whilst am unsure that the 'carry-forward' can also be a carry-across in the same year. -------------------------------------------------- Note added at 2 hrs (2016-07-03 22:41:08 GMT) -------------------------------------------------- https://ansop.com/tag/holdover-relief/ -------------------------------------------------- Note added at 11 hrs (2016-07-04 07:55:14 GMT) -------------------------------------------------- carry-overs - to wit: carry-back to previous years, carry-across in the same year and carry-forward to future accounting ref. periods are, in UK revenue terms, normally used for tax losses only and not income or profits. Reference: http://https://ansop.com/tag/holdover-relief/ Reference: http://www.accaglobal.com/an/en/technical-activities/technic... |
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4 days confidence:
| gestald buitenlands inkomen foreign-source income carried forward (under the 'transfer facility') Explanation: Posted at asker's request. As far as I can see, this is closely related to Dutch tax provisions for double tax relief. The term 'gestald buitenlands inkomen' refers to income from foreign sources which is carried forward ('gestald' in the sense of 'reserved') under the so-called 'stallingsregeling' (aka 'doorschuifregeling') for offsetting against future taxable income (i.e. the excess amount of exempt foreign income which cannot be offset due to insufficient taxable income in the relevant year). This specific double tax relief provision is referred to as 'transfer facility' by the Dutch Belastingdienst. See my reference comment for further explanation and relevant examples. -------------------------------------------------- Note added at 4 days (2016-07-08 13:23:10 GMT) -------------------------------------------------- As for the 'verrekening' part, this seems to refer to the actual calculation of the (excess/uncompensated amount of) exempt foreign-source income which can be offset against future taxable income. This calculation is carried out by the relevant tax inspector under Article 10 (1) and (2) of the Besluit voorkoming dubbele belasting 2001 and is laid down in the so-called 'verminderingsbeschikking'. See for instance: http://uitspraken.rechtspraak.nl/inziendocument?id=ECLI:NL:R... -------------------------------------------------- Note added at 8 days (2016-07-12 11:53:51 GMT) Post-grading -------------------------------------------------- @Will: No problem and thank you! |
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Notes to answerer
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Reference comments
12 mins |
| Reference: refs Reference information: FELOnline: depositoregeling voor [door banken] kort gestald geld bij de ECB = overnight deposit facility [ECB] in het buitenland aangehouden bezittingen [in het buitenland gestalde bezittingen; buitengaats bezit] = offshore holdings JurLex: geld op deposito stallen = to place money on deposit -------------------------------------------------- Note added at 17 mins (2016-07-03 20:45:47 GMT) -------------------------------------------------- some more FELOnline: middelen op een spaarrekening stallen = store assets in a savings account overtollige middelen op de kasreserverekening stallen = store surplus funds on the cash reserve account -------------------------------------------------- Note added at 35 mins (2016-07-03 21:03:24 GMT) -------------------------------------------------- ########################## assuming I was on the wrong track, this is more in line with Kitty's line of thought: JurLex: doorschuifregeling = (fisc.) transfer facility -------------------------------------------------- Note added at 3 hrs (2016-07-03 23:43:04 GMT) -------------------------------------------------- and JurLex again, as per writeaway's comment at Kitty's answer: stallingsregeling (fisc.) = transfer facility |
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24 mins peer agreement (net): +2 |
| Reference: Ref Reference information: The exemption method The exemption with progression method usually applies to foreign elements of income for income tax and corporate income tax. In principle, foreign elements of income are exempt per individual country. The exemption method means that reductions will be granted for Dutch tax relating to foreign income. For income tax, the exemption is calculated per box. If the income or profits from foreign sources exceed the total income or total profits (for example because the ‘domestic income’ is negative), exemption may not or may not fully be granted in the year in question for the foreign income. In such cases, the total amount of the foreign-source income respectively the ‘excess’ of the exemption may be ‘carried forward’ and reduction of tax may be granted in subsequent years. This enables the Dutch tax liability to be reduced in the subsequent years. Foreign losses decrease the Dutch tax liability in the year they are suffered and when calculating the reduction in subsequent years are deducted from the positive foreign income qualifying for exemption. http://download.belastingdienst.nl/itd/verdragen/iatn2008.pd... -------------------------------------------------- Note added at 29 mins (2016-07-03 20:57:10 GMT) -------------------------------------------------- Doorschuifregeling (stallingsregeling) Het bedrag van de aftrek om dubbele belasting te voorkomen mag niet hoger zijn dan het bedrag dat u verschuldigd bent aan inkomstenbelasting in die box. Dit kan betekenen dat bepaalde aftrekposten niet tot een belastingvoordeel leiden, zoals de hypotheekrente van uw eigen woning. Voor dit soort situaties is er de doorschuifregeling. Wij stellen bij beschikking vast welk bedrag aan buitenlands inkomen meetelt bij de berekening van de aftrek in een volgend jaar. http://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/b... -------------------------------------------------- Note added at 55 mins (2016-07-03 21:23:10 GMT) -------------------------------------------------- Transfer facility The amount of the double tax relief cannot be more than the income tax payable in the relevant box. This could mean that certain deductible items, such as the mortgage interest connected with your owner-occupied home, will not result in a tax advantage. For these types of situations, there is a transfer facility. We determine the amount upon assessment and automatically include the foreign income in the relevant box when calculating the relief in a following year. You may not include this transferred amount once again in your tax return in that year. Example Your taxable income from work and home (box 1) is € 25,000. Assume that, in 2012, you owe income tax on this, amounting to € 1,250. Your income consists of € 35,000 of German wage. From this, € 10,000 of negative income from your owner-occupied home is deducted. You owe German tax on the German income and are entitled to double tax relief in the Netherlands. In that case, this relief is € 35,000/€ 25,000 x € 1,250 = € 1,750. Your maximum relief, however, is € 1,250. As this is the amount of income tax payable in box 1. An amount of € 10,000 (€ 35,000 - € 25,000) therefore does not result in a tax relief. That is why this amount is reserved. In the future, do you have income in box 1 on which you have to pay income tax in the Netherlands? In that case, you are entitled to double tax relief on the reserved amount. http://download.belastingdienst.nl/belastingdienst/docs/expl... -------------------------------------------------- Note added at 1 hr (2016-07-03 21:32:58 GMT) -------------------------------------------------- Note: The term 'transfer facility' also seems to be used by the Dutch BD in different fiscal contexts (f.i. Bpm transfer facility for entrepreneurs, http://tinyurl.com/j3w7l9o). -------------------------------------------------- Note added at 12 hrs (2016-07-04 08:50:58 GMT) -------------------------------------------------- @Will: indeed, the 'stallingsregeling' is about 'carrying forward' (or 'transferring' if you like) excess exempt income (i.e. 'uncompensated' foreign income) to offset taxable income in a subsequent year. The verb 'stallen' basically means here that something is reserved / set aside for future use. See also: Relief for foreign taxes Is there any Relief for Foreign Taxes in the Netherlands? For example, a foreign tax credit (FTC) system, double taxation treaties, and so on? Relief from double taxation for resident individual taxpayers may be provided by way of tax treaty or, depending on the circumstances, under domestic rules. Income from foreign employment is generally covered by the exemption provisions under treaties or the unilateral decree. This is often referred to as exemption with progression, since the foreign income, although exempt, is taken into account in determining which brackets are applicable to the taxpayer’s remaining income. Arithmetically, this is achieved by including the foreign employment income in taxable income but then reducing the Dutch tax on this total income by that portion which is attributable to the foreign income. The formula for computing exemption relief is broadly as follows: (Foreign income/worldwide income) x Dutch tax (not including National Insurance contributions) on worldwide income Through this formula the exemption is provided against the average tax rate. The result of this computation is deducted from the Dutch tax on worldwide income. The foreign tax on the foreign income in question may be more or may be less than the amount of this deduction from Dutch tax. In cases where the worldwide income is smaller than the foreign income a carry forward of the excess may apply. In some cases (such as for statutory directors), the credit method may apply. https://home.kpmg.com/xx/en/home/insights/2011/12/Netherland... -------------------------------------------------- Note added at 12 hrs (2016-07-04 08:53:49 GMT) -------------------------------------------------- PS. Writeaway and Michael were actually the first ones to suggest 'transfer facility' (based on JurLex). I merely tried to find relevant examples in support of this option :-). -------------------------------------------------- Note added at 12 hrs (2016-07-04 09:09:36 GMT) -------------------------------------------------- Belastingvrijstelling Een andere variant van de vrijstellingsmethode is de belastingvrijstelling. Deze methode doet meer recht aan het progressieve karakter van bepaalde delen van ons belastingstelsel. Het buitenlands inkomen wordt wel in de heffingsgrondslag (belastbaar inkomen, belastbaar bedrag) meegenomen (het zogeheten progressievoorbehoud), maar de belasting wordt verminderd met een bedrag dat overeenkomt met de belasting over het buitenlandse inkomen. Deze vorm van de vrijstellingsmethode met progressievoorbehoud wordt ook wel de evenredigheidsmethode genoemd. Deze methode hanteert de volgende breuk (de zogeheten voorkomingsbreuk): a vermindering = — × c b waarin: a = buitenlands inkomen b = totaal inkomen c = belasting over totaal inkomen. Er ontstaan moeilijkheden wanneer het buitenlandse inkomen groter is dan het totale inkomen. Dit kan voorkomen wanneer iemand negatief Nederlands inkomen heeft (bijvoorbeeld negatieve inkomsten uit de eigen woning in Nederland). In dat geval is de teller van de voorkomingsbreuk groter dan de noemer en zou de vermindering de belasting berekend over het wereldinkomen, overtreffen. Om dit te voorkomen, zijn in het Besluit voorkoming dubbele belasting 2001 specifieke rekenregels opgenomen. Het deel van de aftrek dat iemand niet kan benutten in een bepaald jaar, schuift door naar een volgend jaar (de stallingsregeling). http://hoadd.noordhoff.nl/sites/7981/_assets/7981d10.pdf -------------------------------------------------- Note added at 12 hrs (2016-07-04 09:10:23 GMT) -------------------------------------------------- vermindering: a/b x c |
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