The Netherlands rejected a proposed 100 percent tax on bonuses given to employees of ING Groep NV (INGA), Aegon NV (AGN) and other bailed-out banks and insurers.
The request is “disproportionate, legally flawed and undesirable,” State Secretary for Finance Frans Weekers said in an interview with Dutch broadcaster RTLZ today. “I do understand the reasoning behind it and together with Finance Minister Jan Kees de Jager we will see how we can act in accordance with its essence.”
Dutch lawmakers last week submitted a non-binding motion to apply a one-time tax on all bonuses paid since 2008 after ING proposed paying Chief Executive Officer Jan Hommen a 1.25 million-euro ($1.76 million) bonus. ING, which received 10 billion euros of aid in 2008, scrapped proposed executive bonuses amid criticism from lawmakers and government officials.
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