The period within affected entrepreneurs can apply for deferment of payment is extended to 1 September 2020. Any default penalties for late payment do not have to be paid. The tax and recovery interest for all tax assets has been reduced to 0.01% until October 1, 2020. Other tax measures, such as a relaxation of the hour criterion for self-employed persons and the payment break for mortgage obligations, is also extended until 1 September 2020.
Entrepreneurs immediately receive a three-month extension of payment with the first application. For those three months, they only need to submit a request once (for deferment of all tax types). Entrepreneurs can also apply for an extension for a longer period and three months. It is important that as much money as possible really stays in the companies. In order to guarantee this extra, entrepreneurs must postpone for more than three months that they do not pay dividends and bonuses, or buy back their own shares.
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NAZALI TAX & LEGAL |