Individuals are subject to report a deemed income of 4% on savings and portfolio investments in Box 3. The income reported is subsequently subject to 30% income tax. As of January 1, 2017, it is proposed that the deemed income will no longer be calculated based on a fixed percentage of 4%. Instead, progressive rates will apply to determine the income taxable in Box 3 from savings and investments. As a result, the average taxable deemed income may amount to 2.9% – 5.5% and this deemed income will remain subject to 30% income tax.