The Tax and Customs Administration has amended a number of regulations because of the coronavirus. These regulations are mainly aimed at granting deferral of payment and relaxing certain conditions. The regulations apply to entrepreneurs, self-employed persons and sole traders. When an entrepreneur is in trouble due to the corona crisis, he or she can apply for postponement of payment in a simplified manner. This is a three-month postponement, to which a payment arrangement can be made.
One of the regulations states that an entrepreneur with a substantial interest in a private limited company can temporarily reduce the usual wage in order to feel less of a tax burden.
Another important regulation is the hour criterion. Have you failed to meet the usual 24 hours per week because your assignments were reduced due to corona? Then you may still pretend to have worked for your company for 24 hours a week in order to be able to continue to make use of various entrepreneurial deductions.
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Would you like to know more about certain tax benefits at the time of corona? Feel free to contact one of our lawyers.