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COVID 19: Key support measures for businesses dated March 21, 2020

COVID 19: Key support measures for businesses dated March 21, 2020

Monday 03-23-2020

- Creation of a 300 MTD support fund for SMEs.

- Postponement to the end of May 2020 of corporate tax returns (previous deadline March 25), except for companies subject to the wealth tax at the rate of 35%.

- Suspend all tax audit operations and appeal deadlines until the end of May 2020.

- Reduction of deadlines for refunding tax credits to a maximum of one month.

- Exemption of customs penalties established before March 20, 2020, with payment of duties and taxes due and a fixed penalty of 10%.

Measures for totally exporting companies:

- Possibility for companies operating in the food industry and health sector to sell on the local market up to 100% of their production during the year 2020.

- For the other exporting companies in the other activity sectors, increase of the quota from 30 to 50% during the year 2020.

Measures for most affected companies:

- Creation of a committee, within the Presidency of the government, dedicated to monitoring the companies most affected by the crisis with the possibility of rescheduling the tax debts of these companies over a period of up to 7 years.

- Suspension for these companies of the application of late payment penalties for a period of 3 months from April 1, 2020.