The coronavirus is now officially a pandemic. Both the worldwide and the national economy are impacted by the coronavirus. Numerous companies are already experiencing the negative financial consequences of the coronavirus, such as companies that are dependent on import or export, or companies that operate in specific sectors, such as the travel or leisure industry. It is likely that many more companies will be faced with financial problems as a result of the coronavirus. Rabobank reported on 10 March 2020 that its economists expect that economic growth will be halved and, if the coronavirus becomes a pandemic, the Netherlands will most likely be faced with a recession.
The government yesterday announced extra measures to control the consequences of the coronavirus for business owners. If faced with problems due to the coronavirus, business owners could already apply for short-time working. If such an application is approved, some of the pending salary payment obligations of the business owner are reduced. The government has stated that 5000 companies have already applied for short-time working due to the coronavirus. The government yesterday furthermore announced that business owners faced with financial problems due to the coronavirus are also eligible for postponement of tax payment. That is possible if the business owner can demonstrate that in writing to the Tax Administration. On receipt of a substantiated request for postponement of payment, the Tax Administration will suspend the collection of taxes without the request having been substantively assessed. In that case no corporation tax, turnover tax or wage tax will temporarily be due. The substantive assessment of the request for a postponement of payment will not be made until a later stage.
You may also be faced with negative consequences of the coronavirus. If that is the case, or if that is imminent, please contact Stijn Pennings or Maarten Wevers at telephone number 088-752 0120 | E: maarten.wevers@nysingh.nl / stijn.pennings@nysingh.nl. We will be pleased to help you determine in what manner the negative impact can be avoided or limited.
