On the 17th March 2020, the Cabinet announced a large number of measures. These measures are aimed at supporting companies and freelancers. The measures include measures to maintain employment on the one hand and measures to ensure that companies do not go bankrupt and that self-employed people can maintain an income on the other hand.
The package of measures includes the following elements:
– A reduction in employers’ wage costs to avoid redundancies
– Temporary income support for the self-employed
– Relaxation of tax deferrals
– Increase in the guarantee for business financing
– Interest rebates for loans contracted with Qredits
– Widening the guarantee for SMEs – Agricultural Credits
– Extension BMKB scheme
– Open emergency counter for entrepreneurs in affected sectors.
What can LVH’s lawyers help you with?
We can advise you on all measures. Ultimately, most measures are measures that have an effect and offer support in the somewhat longer term.
Measures that may have an immediate effect
Postponement of payment
In the short term, the measure of requesting deferral of payment of the various taxes in particular has a direct effect. This measure makes it possible to request deferral directly. It frees up resources that can be spent on keeping the company afloat.
Reduction of provisional assessment
At the beginning of the year, a large number of companies were subject to a provisional assessment of income tax (for IB entrepreneurs) or corporate income tax. This assessment relates to the tax year 2020 and is based on an expected profit for the year 2020. For a large number of the companies that have received such an assessment, it now appears that, as a result of the corona crisis, they will make no or significantly less profit than previously estimated. On this basis, the provisional assessment can be reduced.
If the amount of the provisional assessment has already been paid, the reduction will result in a refund.
We would be pleased to discuss with you which measures can help you further and how we can support you in doing so. For questions and/or advice you can contact David Harreman via harreman@lvh-advocaten.nl or 010-2092756.
