Thijs Knaap at BNR about the bank tax

Published on: 27 September 2023

Last week, the House of Representatives quickly found financial cover for a number of unplanned expenses: the bank tax is going up. Chief economist Thijs Knaap of APG understands the sentiment against the banks, but warned yesterday in the investor panel on BNR Nieuwsradio about the consequences.

 

“If you tax something extra, it often means that people will do it less”, explains Knaap. “The bank tax is specifically levied on risky credit, such as the financing of young companies. But these young companies are really important for a country like the Netherlands.” According to Knaap, there is mainly confusion about another new source of income to be tapped, a tax on the purchase of shares. Fellow panel member Martine Hafkamp (owner and general manager of Fintessa Vermogensbeheer) stated in the BNR broadcast that the US introduced a similar tax last year, with a rate of 1 percent. “That makes the proposed Dutch rate of 15 percent look very high”, says Knaap. He warns that companies are also already dealing with higher wages, rising financing costs and the rising costs of energy. “You can give them this way a little push in the wrong direction.”

 

Thijs Knaap also discussed rising interest rates, health insurance premiums and Aegon's seat move to Bermuda during the investor panel on BNR Nieuwsradio. Listen to the broadcast here.