close
Share with your friends

Netherlands: Emergency relief and recovery package; “emergency package 3.0” (COVID-19)

Netherlands: Emergency relief and recovery package

The government in a 28 August 2020 letter to the Lower House of parliament presented a relief and recovery package for businesses and workers in response to the coronavirus (COVID-19) pandemic.

1000

Related content

The new package (“emergency package 3.0”) would follow on from the two previous emergency packages and would be based on three pillars:

  • Continuing relief and extending by nine months the temporary emergency bridging measure to retain jobs (Tijdelijke noodmaatregel overbrugging voor behoud van werkgelegenheidNOW), the overhead compensation SMEs (Tegemoetkoming Vaste Lasten mkb—TVL) and the temporary emergency bridging measure for self-employed persons (Tijdelijke overbruggingsregeling zelfstandig ondernemers—TOZO)
  • Stimulating and accelerating investments
  • Providing a supplementary social package

The extension of the relief measures will take place under a (phased) tightening of conditions. An important part of the new package concerns the phasing out of the more flexible special deferral of payment policy for tax debts, including a payment arrangement for the accrued tax debt, and changes to several related measures.

The provisions in the emergency package 3.0 would address or include:

  • Phasing out of deferral of payment for tax debts
  • Extension of temporary emergency bridging measure to retain jobs (NOW 3.0)
  • Extension of overhead compensation SMEs
  • Extension of temporary emergency bridging measure for self-employed persons (TOZO 3.0)
  • Other tax measures including travel deduction, mortgage interest deduction, and VAT exemptions and easing of administrative obligations for payroll tax and social security contributions
  • Sectoral relief, guarantees and guarantee funds
  • Supplementary social package
  • Planned public investments

Read a September 2020 report prepared by the KPMG member firm in the Netherlands

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.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal