The Dutch government in a 12 March 2020 release announced a number of tax relief measures to support the business community in response to the coronavirus (COVID-19).
These tax relief measures include:
Other relief measures concern reduced working hours for employees, assistance for independent contractors (freelance workers), and broadened guarantees for loans made to small and medium-size entities (SMEs).
If a business expects to realize a loss for the (financial) year 2020, whether or not due to the coronavirus crisis, it may be useful to report this immediately after the end of the financial year and to request a provisional settlement of that loss with the (determined at assessment) 2019 profit (provisional carry-back). Then, 80% of the reported loss is taken into account. The amount of tax payable or paid for the 2019 financial year can then be reduced or recovered, in whole or in part.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.