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France: Update of tax relief, other relief measures (COVID-19)

France: Update of tax relief, other relief measures

The French government has provided tax relief and other relief measures for businesses and their employees in response to the coronavirus (COVID-19) pandemic.

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Tax relief provisions recently passed by the National Assembly (but not yet approved by the Senate) would allow for the tax deductibility of debt waivers granted by lessors and would provide a reduced rate of value added tax (VAT) of 5.5% (reduced from 20%) for face masks and hand sanitizer (hydro-alcohol) solutions.

KPMG Avocats has updated its report that summarizes the COVID-19-related relief measures as of 20 April 2020. The new information (shown in the report in RED) provides, among other relief items, that:

  • Companies may postpone all direct tax payments due for the months of March, April, and May 2020.
  • The rules have been expanded concerning the “commitment to responsibility” of large groups (in general, rules limiting dividend distributions in 2020).
  • The deadlines for filing corporate income tax returns for 2019 are delayed to 30 June 2020.
  • The deadline for electing for the consolidated tax regime has been delayed generally until 30 June 2020.
  • The filing deadline for final returns for the CVAE (business contribution on added value) filed on form #1329 DEF has been extended, for some until 30 June 2020.
  • The deadline to submit election letter for the corporate income tax regime has been extended.


Read an April 2020 report [PDF 447 KB] prepared by the KPMG member firm in France

 

For more information, contact a tax professional with KPMG Avocats in France:

Marie-Pierre Hôo | + 33 (0) 1 55 68 49 09 | mhoo@kpmgavocats.fr

Patrick Seroin Joly | + 33 (0) 1 55 68 48 02 | pseroinjoly@kpmgavocats.fr

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