Further to the announcement by the Economic Watch Committee of a support measure allowing companies which turnover for FY2019 is less than 20 MMAD to defer filing of tax returns until June 30th, 2020, Tax Administration released today a note in which it defines the scope of this measure, provides details on its implementation and offers flexible payment terms for companies suffering from Coronavirus crisis and which turnover exceeds 20 MMAD.
In the published note, Tax Administration clarifies that postponement of tax duties covers the returns below:
Tax Administration clears up that companies with a turnover inferior than 20 MMAD systematically benefit of the postponement, without being subject to any formalities.
Companies which turnover is superior than 20 MMAD were initially not subject to the measure introduced by EWC, the note published by the Tax Administration allows those facing financial issues due to the significant losses induced by COVID-19 crisis to benefit from flexible payment terms, however, the submission of tax declarations on time remains mandatory. Companies wishing to benefit of this measure must address a formal payment deferment request to the Tax Administration, each request will then be individually examinated based on the circumstances invoked by the company to justify its financial situation.