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New laws that affect your financial position

On July 1, a number of new laws were introduced that could have financial consequences for you.

1. Negative interest above € 100,000 in savings

Do you have more than € 100,000 in savings with one bank? Then from 1 July you will pay 0.5% interest on your savings at ING, Rabobank, ABN Amro, KNAB, Regiobank, Van Lanschot and SNS Bank. This was previously on savings above € 250,000. Tip! By storing your savings at several banks, you can avoid negative interest.

2. Prices for gas and electricity are going up

Energy prices will rise after July 1. This is because the demand for gas has increased, due to the cold spring and because CO2 prices have risen. According to price comparison site, an average household can count on an increase of € 200 per year.

3. Up to 25% discount on alcohol
Supermarkets and liquor stores are allowed to give a maximum of 25% discount on alcohol from 1 July. This is one of the rules in the new Alcohol Act. Offers of beer or wine such as ‘get 2 pay 1’ are therefore a thing of the past.

4. Minimum wage rises

The minimum wage increases twice a year, on January 1 and July 1. From 1 July, the new minimum wage will be €1,701 gross per month for employees aged 21 and over. This is an increase of 1% compared to the old minimum wage of € 1,684.80.

5. Parcels from China are getting more expensive

Cheap packages from China and other countries outside the EU will be more expensive from 1 July. If you buy something under €22 outside the EU, you now pay VAT. Previously there was a VAT exemption for webshops outside the EU. This has been abolished, so that companies within and outside the EU have a level playing field.
However, the webshop can choose to collect the VAT (usually 21%) immediately with the order. If the webshop does not do this, the parcel delivery service will collect the VAT. They may also charge additional handling costs. For example, with PostNL you pay between € 4 and € 7 per package in extra costs.

6. Valuing a home is becoming more expensive

From 1 July there are new European rules for appraising homes. As a result, a more extensive valuation must be carried out. In addition, you may not have a cheaper online ‘model-based’ valuation made when applying for a mortgage. This makes having your home appraised more expensive.

7. Increase in rents

Are you renting a house? Or do you rent a house? For most rented houses, a rent increase is implemented on 1 July each year. This year it is different:
The rent of social housing (basic rent up to € 752.33 per month) may not be increased until 31 June 2022.
The rent in the free sector may be increased by a maximum of 2.4% this year.