Germany eases tax deferral restrictions for virus-impacted companies
Germany's Ministry of Finance has come up with a series of measures intended to help companies survive the current coronavirus crisis pandemic. They include the ability for companies to apply for a deferral on all taxes that will fall due between now and the end of the year. What's significant about this, according to law offices of King & Spalding, is that companies will not have to prove that they endured undo hardship in order to qualify for the deferral. In addition, the normal 0.5 percent monthly interest charged on deferred payments will not be levvied in this case. Companies will also be allowed to ask for reduced advanced tax payments on income and trade taxes which are usually paid in four fixed installments over the course of the year. K&S writes that any request for tax payment deferrals for taxes due in 2021 and beyond will have to be justified for the tax assessors.