Overview of Country Tax Policy measures in response to Covid-19 crisis

Unreal times in a by Covid-19 controlled world. Worldwide people are fighting the outbreak of the Coronavirus. Our first attention is to the health of everyone. Please stay home, stay safe. With the restrictions on free movement of people, the economic activity has fallen sharply worldwide. Governments are taking unprecedented measures, to keep the economy going. For entrepreneurs and advisors it is important to monitor these measures and use them where necessary. It is difficult to keep an overview, especially if the company has branches in different countries. The OECD has been helpful to set up an overview of the Country Tax Policy measures worldwide in response to the Covid-19 crisis. A good initiative. We will be happy to sent you the overview. Please file our respond form if you would like to have this overview.

Measures have also been taken in the Netherlands. Most far-reaching is a working time reduction regulation. If the company suffers a temporary loss of sales of at least 20%, the employer can ask for unemployment benefits. The employer will get up to 90% of the labour costs refunded by the Dutch authorities depending on the loss of sales. In return the employer cannot fire staff due to economic reasons.

More measures have been issued. See here for an overview. Use them, but please do mind details and pitfalls. For example, the Dutch tax authorities have issued a simple three-month payment deferral on corporate income tax, income tax, VAT and wage tax. However, the notification inability to pay has not yet been adjusted. So within two weeks after original payment date (without deferral) this notification inability to pay must have been filed. Late filing will have as consequence personal liability of the directors of the company for the taxes still to be paid. The Dutch tax authorities have been attended to this. But so far, entrepreneurs should fulfil this obligation if they cannot pay their taxes in time.

As stated, it is important to use the opportunities that are created by governments worldwide and thereby keep the economy going. MSI and Ruitenburg will be happy to be of service to reduce the economic impact of the Corona virus. Take care for eachother!  

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Erik van der Kooi

Erik van der Kooi

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Ik wil meer informatie ontvangen over dit onderwerp

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