The Government has introduced several measures to stimulate the country’s economy in light of the outbreak of COVID-19. Below is the outline of the tax measures. The Ministry of Finance expects to release further guidelines and conditions relating to these measures.
The Social Security Office announced that the rate for compulsory social security contributions by employers and insured persons will decrease from 5% to 4% for the six month salary cycles from March to August 2020. The Government’s contribution remains the same at 2.75%