Photo: Lea Rae & Valentyn Volkov (Shutterstock)
Dutch citizens who owned cryptocurrencies on January 1, 2022, may be able to get a refund on taxes they paid.
A new regulation, following a ruling by the Supreme Court, makes it possible to correct the tax filing for the loss-making crypto year of 2022.
Summary #
- Crypto investors who held assets on January 1, 2022, may qualify for a tax refund.
- A Supreme Court ruling now allows people to pay tax on their actual return instead of a fictional one.
- Due to the market downturn in 2022, the actual return for many was negative, meaning they may have paid too much tax.
- A new, more favorable calculation can be submitted via the ‘Opgaaf Werkelijk Rendement’ (Statement of Actual Return) form from the Dutch Tax Service.
Why You Can Get Money Back After the 2022 Crypto Crash #
Previously, the Dutch Tax Service levied tax in Box 3 based on a so-called ‘fictional return’. This is an estimated profit percentage, regardless of whether an investor actually made a profit or a loss.
However, the Supreme Court ruled that this system is not always fair. Therefore, taxpayers can now demonstrate that their ‘actual return’ was lower. The actual return includes the actual change in value of assets, such as price losses on crypto.
This change is particularly relevant for 2022. In that year, the crypto market fell by about 65 percent, causing most investors to realize a significant negative return.
Because they paid tax on a fictional profit at the time, many people have overpaid their taxes to the Tax Service.
Check if This Applies to You #
The Tax Service has simplified the process with the digital form ‘Opgaaf Werkelijk Rendement’ on its website.
This allows you to check without any risk whether you are entitled to a refund. The Tax Service is also sending letters to taxpayers who may be eligible.
The form calculates the tax based on both the old, fictional return and your new, actual return. You always choose the most favorable calculation for you; therefore, you run no risk of having to pay extra.
To prepare properly for the process, there are a few things to keep in mind. First, make sure you have collected all your financial annual statements for 2022, including transaction overviews from your crypto exchanges.
Next, log in to ‘Mijn Belastingdienst’ (My Tax Service) via the tax authority’s website and search for the form ‘Opgaaf Werkelijk Rendement’. Fill it out, and you will immediately see the calculation that applies to you, based on the data you provided.
If the calculation based on your actual return is lower, you can submit the new statement with a single click. The old tax return will then be automatically voided.
You don’t have to rush to gather all your information. You have until December 31, 2027, to submit the form, so there is no hurry.