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You are here: Home / All Articles / News on Business Tax / Temporary interest measures tax authorities because of Covid-19

Temporary interest measures tax authorities because of Covid-19

September 8, 2020 by Jan-Hein

Temporary reduction of collection interest and tax interest

If you do not pay an assessment on time, you normally have to pay 4% recovery interest from the moment the payment term has expired. As of March 23, 2020, the tax authorities will temporarily reduce the collection interest from 4% to 0.01%. This applies to all tax debts.

The tax office charges tax interest if a tax return was not filed on time or was filed for an incorrect amount. The tax interest rate is 8% for corporate tax and 4% for other taxes. The tax office will also temporarily lower the tax interest rate to 0.01%.

This temporary measure will apply to all taxes subject to tax interest. The temporary reduction of the tax rate will take effect from 1 June 2020, except for income tax. For the income tax, the reduction will take effect from 1 July 2020.

The end date of the tax interest lowering is set on October 1st 2020. The interest will then increase back to 4%. Also the tax interest for the corporate income tax will increase to 4% instead of the previously applicable 8%, the 4% for corporate income tax will remain till the end of the year 2021. 

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