The current situation is changing rapidly. Our specialists are constantly working to keep up-to-date so that they can be of the best possible help to you. So, make sure you keep an eye on our website. Do you have any questions about any of these measures and want advice for your company? If so, contact your adviser at Visser & Visser or email firstname.lastname@example.org.
On March 17, the Government announced an emergency package. Wopke Hoekstra (Finance Minister), Erik Wiebes (Minister of Economic Affairs and Climate Policy) and Wouter Koolmees (Minister of Social Affairs and Employment) freed up tens of billions of euros to shield companies and employees in the Netherlands against the coronavirus crisis. The main changes are set out below.
Temporary Emergency Bridging Measure for Sustained Employment
Relaxation of tax payments and lowering of fines
The request for a deferment of VAT and payroll tax payments can only be submitted after an additional assessment has been imposed. This assessment will be issued around 3 weeks after the deadline for submitting the return. Once the Tax and Customs Administration has received the request, a 3-month deferment will be granted. This deferment will apply to assessments already imposed and to future assessments. It therefore also applies to debts that arose before the crisis.
For the time being a declaration from a third-party expert is not required. This can be provided later, including other information. If you cannot pay the VAT and/or payroll tax, you will need to notify the Tax and Customs Administration of your inability to pay. This will prevent the director of a private limited company, for example, from becoming personally liable. In principle, this notification is separate from the deferment application. It is possible that this requirement will also be relaxed, in which case we will inform you as soon as possible.
The Tax and Customs Administration is temporarily lowering the interest on tax and overdue tax. Interest on overdue tax due to late payment will be 0.01% from 23 March 2020. Interest on tax due to late submission of returns will be 0.01% from 1 June 2020. For income tax, the commencement date will be 1 July 2020. If your profit for 2020 is expected to be lower, the provisional assessment for income tax or corporation tax for that year can be reduced. To zero if necessary.
Please contact your adviser if you wish to defer payment or have any other questions.
• Extra support for the self-employed
• Expansion of the Business Loan Guarantee Scheme (Garantie Ondernemingsfinanciering, GO)
• Interest rate reduction on Qredits microcredit for small business owners
• Temporary guarantee for agricultural and horticultural companies
• Consultation on tourist tax (central government/municipalities) and cultural sector
• Compensation scheme for sectors affected
The details of many of these measures are still being worked out. For more information, please refer to the relevant web page of the Government of the Netherlands (in Dutch).
Scheme offered by banks
ABN, ING, Rabo, Triodos and Volksbank have jointly decided to offer companies the possibility of deferring their repayments. What we currently know about the application process is set out below for each bank. Generally speaking, companies applying for a deferment should essentially be in a healthy position and the scheme applies to loans of up to € 2.5 million. A tailor-made arrangement will often be required above this amount. You can discuss this with your bank’s account manager.
- Rabobank: More information is available on the website (in Dutch). Please note: Rabobank says that to defer repayments for March the application must have been submitted by 1 p.m. on March 30. If you submit your request later, the deferment will apply to repayment obligations from April onwards.
- ABN: ABN is granting deferments (April to September) automatically for all loans up to € 2.5 million. If you do not wish to take advantage of this, you must notify the bank by March 31. A tailor-made support measure will be considered for large corporate clients and loans above € 2.5 million. More information is available on the website (in Dutch).
- ING: ING is offering the possibility of reversing the last repayment and temporarily suspending the repayment obligation. Both applications can be made via Mijn ING Zakelijk.
- Triodos: Triodos is working hard on the details and will provide further information as soon as possible.
- Volksbank: Volksbank (SNS/ASN/RegioBank/BLGWonen) says that if you have any questions you should get in touch via your contact person at the bank.
Under this measure the government will partially guarantee a loan that a company wants to take out if it is unable to provide sufficient security to the lender (mainly banks). This allows you to borrow more as an entrepreneur.
The practical details and effect of this scheme differ from bank to bank. Please get in touch with your contact person at the bank.
Expansion of Corporate Finance Guarantee Scheme (Garantie Ondernemersfinanciering – GO facility)
Under the GO the government underwrites bank loans and bank guarantees at a level of 50%. The maximum amount per company has been temporarily increased to € 150 million. The cabinet ‘is committed to providing all the guarantees that are needed’.
Again, please get in touch with your contact person at the bank.
We are naturally happy to help, so if you have any questions please do not hesitate to contact your advisor at Visser & Visser.
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