Legislation published on 23 June 2020 addresses subsidizing interest on bank loans granted to entities affected by the coronavirus (COVID-19) pandemic. It also concerns simplified arrangement approval proceedings due to COVID-19—this is commonly referred to as “Anti-Crisis Shield 4.0.”
The tax-related provisions in the legislation include:
The new law also sets out the rules for subsidizing the interest on bank loans granted to companies affected by the COVID-19 pandemic. The loan interest subsidy amounts will not be treated as revenue and not taxable to the company.
The legislation also includes simplified restructuring procedures, allowing companies to rebuild their financial stability without the need to apply to a court in this regard. The initiation of restructuring proceedings by a company will suspend creditor actions for a maximum of four months and for the time the court approves the arrangements made with creditors. During this period, it will not be possible for the creditors to terminate contracts that are deemed material to the company's business, including real estate leases or rental agreements.
Read a June 2020 report [PDF 243 KB] prepared by the KPMG member firm in Poland
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