Netherlands
Languages

Languages

Coronavirus: RSM advises on financial & economic changes

The Dutch and international business community will be significantly affected by the coronavirus. The financial and economic consequences may also be considerable.

RSM offers you advice on how to deal with these measurements and changes which are applicable to you. Please contact your RSM advisor to further discuss which measures may be relevant for you and your business.

We provide information on the various consequences and what you can do as an entrepreneur.
The most recently published articles are:

Job-related investment allowance (May, 5th)
Increase of subsidies under the Reimbursement Fixed Costs SMEs scheme (TVL) (March, 3rd)
Extension of special tax deferral until 1 July 2021 (March, 3rd)
The key elements of NOW 3.2 (4th application period) (February, 22nd)
Extension of the support and recovery package in connection with the corona crisis (January, 27th)

Job-related investment allowance

5 May 2021
The job-related investment allowance (BIK) is a temporary government incentive scheme, designed to ensure that companies continue to invest in new assets, for example, even during these turbulent times. The BIK came into force on 1 January 2021, but also applies to investments committed to as at 1 October 2020 or after.

Increase of subsidies under the Reimbursement Fixed Costs SMEs scheme (TVL)

3 March 2021
The government has announced an extension of the Fixed Expenses Allowance (TVL) by means of a letter to the Lower House of Parliament. With this it wants to continue to support companies and sectors by meeting their liquidity needs. The extension is as follows:  

Extension of special tax deferral until 1 July 2021

3 March 2021
Due to the continuing Corona crisis, the government has decided to extend the special tax deferral until 1 July 2021.  If companies have already been granted a special three-month extension, this can be extended until 1 July 2021.

The key elements of NOW 3.2 (4th application period)

22 February 2021
Part of the third emergency package is the Third temporary emergency bridging measure for maintaining employment, fourth tranche, abbreviated as NOW 3.2. In this newsletter we describe the key elements of NOW 3.2. 

Extension of the support and recovery package in connection with the corona crisis

27 January 2021
In its letter of 21 January to the Lower House of Parliament, the government set out the extension of the economic aid and recovery package in connection with the corona crisis.

New publication of the Ministry about bonus and dividend prohibition

8 January 2021
Recently, the Ministry of Social Affairs and Employment (hereinafter: SZW) has published on its website its position on which companies, within a group, the so-called bonus and dividend prohibition applies, as well as the prohibition of share buy back schemes. Such prohibitions generally apply to applicants for NOW and/or (nonapplicant) group companies.

The key elements of NOW 3.0 and the changes compared to NOW 1.0 and NOW 2.0

23 December 2020
Update December 14th 2020 - On 9 December 2020, the Ministry of Economic Affairs and Climate announced adjustments to the economic support and recovery package. These adjustments mean that under NOW 3.0 the previously proposed reductions will be frozen.

Extension of special deferral for tax payments

18 December 2020
Update 14 december 2020 - We earlier reported on the extension of the special deferral for tax payments as a result of the corona crisis. You can read about that here. The option to apply for an extended deferral was later extended.

Fixed expenses arrangements increased and extended to include Q1 2021.

18 December 2020
The TVL is an allowance for fixed costs for companies that are economically affected by the corona crisis. After an initial compensation period (June to September 2020) for companies in a limited number of industries, the TVL has been extended, increased and made available to nearly all sectors in Q4 2020 and Q1 2021.

COVID-19 and transfer pricing: year-end adjustments

1 December 2020
The Covid-19 pandemic, unprecedented economic downturn and widespread uncertainty are a few of the global themes that have characterized 2020. We hope that this article can serve as a point of departure to help companies address the uncertainty in their businesses which has been caused by the pandemic and economic downturn. 

Emergency package 3.0 in connection with the corona crisis

15 September 2020
On August 28, the Dutch government informed the Dutch parliament on the so-called emergency package 3.0 in connection with the corona crisis. The measures from the third emergency package are designed to support companies and employees with the economic consequences of the measures against the corona virus.

Family business more optimistic about corona crisis consequences

21 July 2020
Many family businesses come out of the corona crisis stronger than they thought they would at the beginning of the crisis, a comparison of the research results of the RSM-Nyenrode Family Business Research Panel shows, which study was carried out in July. More than 65 percent of the same group of respondents said they were more optimistic about their company's chances of survival in July compared to the situation in April 2020. In April 2020, family businesses feared an average loss of turnover of 36 percent compared to April 2019. Now, in June 2020, it appears the loss of turnover will only be three percent compared to the same period last year.

NOW 2.0 is published

29 June 2020
The Dutch Ministry of social affairs and employment has offered the second package of the  temporary arrangement compensation labor costs (“NOW 2.0”) to Dutch parliament. In this alert an overview of the most important items in this second package are provided together with a high level overview of some of the differences between the NOW 2.0. and the NOW 1.0.

Extension postponement of payment due to the Corona crisis

22 June 2020
As of 17 March 2020 entrepreneurs could request for special postponement of tax payments. The extension is generally for a period of three months. After this period, the tax authorities will start collecting tax debts due. The term of extension will or has in some cases already expired. Time to act.

Additional Dutch COVID-19 support measures

27 May 2020
On May 20, 2020 the Dutch government sent a letter to Dutch parliament with details on a second COVID-19 support package. The measures from this letter are aimed to provide continuous support to companies and employees that are economically impacted from the restrictive measures meant to limit the spread of the virus. Most of these measures known from the first support package are now extended with some amendments but some new measures have also been announced. In addition, the Dutch Minister of Social affairs and employment informed Dutch parliament on May 20, 2020 on some changes that will be made to the temporary arrangement compensation labor costs rules (“NOW”).

The corona reserve and corona provision

27 May 2020
Recently the government has announced a new measure that allows for the possibility to carry back an expected tax loss for 2020 by creating a ‘corona reserve’ in 2019. This is an interesting new measure although it is subject to certain restrictions. 

GRC COVID-19 Update - May 12th, 2020

12 May 2020
A little more than two months ago COVID-19 hit the world stronger than we ever expected. The world has changed forever. In this newsletter we provide an overview of the latest developments in the financial sector around dealing with COVID-19 and its effects, as well as the responses of (inter-)national supervisors in the financial sector.

New Dutch tax measures related to the COVID-19 crisis

25 April 2020
By letter of April 24, 2020, the Dutch Secretary of State for Finance announced six new tax measures related to the COVID-19 crisis. The details of the measures will be further elaborated by the government. The measures are intended to take effect as soon as possible. Below we provide an overview of these measures.

Family business suffers from coronacrisis but remains optimistic

9 April 2020
The 270,000 Dutch family businesses, like many other companies, have been struck hard by the coronacrisis. The family businesses expect an average turnover loss in April 2020 of 40% compared to April 2019. Already 22% of last year’s profitable family businesses do not expect to make a profit. They expect to make a loss for the whole of 2020. This is evident from the results of the RSM-Nyenrode Family Businesses research panel from early April 2020. This also shows that family businesses do everything they can to keep their employees employed and that they are optimistic about the future.

Addressing financial impact of Covid-19

2 April 2020
Public policy measures put in place to contain the spread of Covid-19 are resulting in significant operational and financial disruption for companies. Staff quarantine, supply chain failures and sudden declining demand from customers are causing multiple issues for companies in all sectors.

COVID-19 related (Regulatory) Updates - April 2, 2020

2 April 2020
The COVID-19 virus (corona) leads globally to substantial concerns and has huge impact on the daily business. In many nations a (semi or total) lockdown situation has been implemented or is expected in due course. The current situation impacts financial institutions and their clients substantially.

Details temporary arrangement compensation labor costs rules are published

1 April 2020
It was announced recently that the ‘temporary arrangement compensation labor costs’ (“NOW”) will replace the ‘part time unemployment benefits measure’ which was terminated. The NOW legislation and additional guidance has been published on March 31, 2020.

COVID-19 related (Regulatory) Updates

23 March 2020
The COVID-19 virus (corona) leads globally to substantial concerns and has huge impact on the daily business. In many nations a (semi or total) lockdown situation has been implemented or is expected in due course. The current situation impacts financial institutions and their clients substantially.

Coronavirus - consequences for the events and leisure industry

20 March 2020
As we are all aware, The COVID-19 (Corona) virus has far reaching consequences for daily life world wide. Several EU Member States have prohibited events or public gatherings.

What options do companies have if their liquidity position is at risk and how can RSM assist?

18 March 2020
In this time of the coronavirus, it is important to pay extra attention to your company’s liquidity position. What can you do to maintain a healthy liquidity position and what options do you have if this position is compromised? We would like to inform you about these matters and can provide you with relevant advice and support, of course.

Additional Dutch financial and tax measures in response to the Coronavirus

18 March 2020
On Tuesday evening 17 March 2020, the Dutch government announced new and adjusted measures in order to support Dutch businesses, employees and self-employed persons. The measures are an addition to the measures already announced on 12 March 2020. The measures among others support self-employed persons and support businesses in continuing paying their employees.

Dutch financial and tax measures in response to the coronavirus

16 March 2020
The Dutch and international business community will be significantly affected by the coronavirus. The financial and economic consequences may also be considerable. As a result, in its letter of 12 March 2020, the Dutch government announced a number of measures that will hopefully give businesses some room to deal with the developments.

Contact

Can we help you?

 

If you require any assistance  preparing your organisation for the potential impacts of COVID-19, please do not hesitate to contact our special Coronavirus expertiseteam.  

Contact us via e-mail[email protected] and we will respond as soon as possible.  You can also reach us by phone:  

+31(0)72 541 11 11