3 questions and answers for a smooth start to financial year 2024
January 2024 - What are the deadlines for corporate and personal income tax returns for assessment year 2024? And what about car taxation? Three questions to start the new year well prepared.
What are the declaration deadlines for assessment year 2024 and subsequent years?
Tax assessment deadline 2024
opening of Tax-on-Web and Biztax: 30 April at the latest
availability of government applications: 5 months
deadlines from assessment year 2024 onwards:
corporate tax: 30 September
personal income tax:
* general: 15 July
* income from a self-employed activity (profits, gains, remuneration of company directors or to assisting spouses), complex returns and foreign professional income: 15 October
What is changing about car taxation?
Petrol or diesel cars
Purchase up to and including 31-12-2025
The deductibility of costs under the gram formula will be gradually capped from 2025 to 75% in 2025, 50% in 2026, 25% in 2027 and 0% from 2028.
Purchase from 01-01-2026
Total deduction ban.
Hybrid cars
The fuel cost of tax-advantaged 'true' hybrids - purchased between 1 July 2023 and 31 December 2025 - will be limited to 50%.
From 1/1/2026 (and tax year 2027), all costs (including fuel costs) of the hybrid vehicle will no longer be deductible.
Emission-free cars
Purchased before 01-01-2027
Fully tax deductible for life.
Vehicles purchased from 01-01-2027
Purchased in 2027: deductible for life at 95%
2028: 90%
2029: 82,5%
2030: 75%
2031: 67,5%
What changes to the reconstruction reserve?
By establishing a reconstruction reserve, companies can (temporarily) tax-exempt their taxable profits of the assessment years 2022, 2023 and/or 2024. The total amount of the reconstruction reserve that can be created in those assessment years is limited to the accounting operating loss on the closing date of financial year 2020 ('covid year').
