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Economic Impact of Coronavirus

in News

Urgent measures responding to the economic impact of COVID-19 / Coronavirus have been published in the BOE today, through Royal Decree-Law 7/2020, of 12th March.

In the tax field, the measures approved, for the moment, are:

  • They are exclusively applied for companies with a volume of operations not exceeding 6,010,121.04 Euros in 2019.
  • They apply to debts whose filing deadline begins on 13th March up to 30th May 2020, both inclusive.
  • The amounts regarding withholding tax, Pre-payments of the Corporate Tax and VAT are included.
  • The term of deferment will be 6 months and interest will not be accrued for late payment during the first 3 months of deferment.
  • It is kept not to give a guarantee if the total amount deferred is less than 30.000 Euro

Please note that other approved measures that have been approved include assimilation to a work accident for the purpose of temporary disability subsidy for periods of isolation or contagion caused by the “Coronavirus”, an extra line of financing through the ICO for the tourism sector, a bonus in discontinuous permanent worker contracts in the tourism, commerce and hospitality sectors, and the possibility of requesting extraordinary deferment in loans granted by the Secretaría General de Industria y la Pequeña y Mediana Empresa.

We remain at your disposal in relation to the aforementioned measures.

Please, also note, that the Agencia Tributaria on its website has announced changes in relation to the extension of deadlines in tax procedures, without indicating exactly which ones, with which the issue will have to be followed in the coming days and perhaps additional measures will be approved to those indicated.