Temporary two-month deferral of payment of value-added tax (VAT), without the imposition of any penalties, to provide additional liquidity to businesses. This measure applies to companies with turnover of less than €1 million or where turnover has fallen by more than 25% with reference to tax returns submitted during 2019. It is noted that arrangements will be made so that VAT due amounts will be settled gradually by 11 November 2020. This measure will enhance the cash flow of businesses during the period in which liquidity issues are expected to arise.
Temporary reduction of VAT on Goods and Services from 19% to 17% for a period of two months and from 9% to 7% for a period of three and a half months, to be effective from enactment of the relevant VAT law, in order to boost consumption through enhancing buying power.
Source EY
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