COVID-19

The coronavirus and your tax affairs. All news items at a glance.

The Netherlands: gradual lifting of travel ban for non-EU citizens as of July 1, 2020 (COVID-19)

As of July 1, 2020 the Netherlands will no longer maintain the travel ban for citizens of the following 14 countries: Algeria, Australia, Canada, Georgia, Japan, Montenegro, Morocco, New Zealand, Rwanda, Serbia, South Korea, Thailand, Tunisia and Uruguay. The travel ban for Chinese citizens will be lifted as soon as China again allows EU citizens to enter the country.

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Postponement of deadline for notifications under the Mandatory Disclosure Rules (DAC6)

Recently, agreement was reached at the EU level on postponing by six months the deadline(s) for notifying reportable cross-border arrangements to the Dutch tax authorities under the Mandatory Disclosure Rules (DAC6). By letter to the Lower House of Parliament dated June 26, 2020, the Deputy Minister informed the Lower House that he will also be granting a postponement in the Netherlands by way of a policy statement of the same date enclosed with that letter.

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Conditions published for the extension of the NOW scheme (NOW-2)

On May 20, 2020, the government announced its intention to extend the NOW-1. The substantive details of this extension were published, on June 25, 2020, by Decree of June 22, 2020 under the name: Second temporary emergency bridging measure to retain jobs (Tweede tijdelijke noodmaatregel overbrugging voor behoud van werkgelegenheid; NOW-2). In our memorandum, we discuss the NOW-2 in more detail.

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Transfer pricing in times of crisis: what should you do?

On Thursday June 11th, KPMG Meijburg & Cos transfer pricing team organized a webcast to share the first experiences regarding transfer pricing issues in the context of the COVID-19 crisis. We have gathered the most pressing issues and questions that arise under multinationals and formulated a practical two-step approach for companies to follow.

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Cross-border working during COVID-19

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Additional agreements about the second Jobs and Economy emergency package (Emergency package 2.0)

From a letter sent to the Lower House of Parliament on May 28, 2020, it appears that the government has further consulted with employer and employee organizations in response to Emergency package 2.0.

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Extension and expansion of Jobs and Economy emergency package (Emergency package 2.0)

More than two months ago the government announced a number of emergency measures in its ‘Jobs and Economy emergency package’ letter to the Lower House of Parliament dated March 17, 2020. These measures were intended to mitigate the first acute and widespread shock resulting from the coronavirus and the crisis measures introduced in this respect. On May 20, 2020 the government announced – once again in a letter to the Lower House of Parliament – that various measures in the first emergency package (Emergency package 1.0) would be extended and supplemented with new measures (Emergency package 2.0).

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NOW scheme amended for third time (first installment: NOW for the period through to June 1, 2020

By letter to the Lower House of Parliament dated May 20, 2020, the Minister of Social Affairs and Employment announced that the Temporary emergency bridging measure to retain jobs (Tijdelijke noodmaatregel overbrugging voor behoud van werkgelegenheid; NOW) as it applies to the period March through May 2020 would be amended for a third time.

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Transfer Pricing in the Corona Pandemic Disruption Era - an article by our experts

The onset of the Covid-19 pandemic has resulted in global business and economic disruptions with a direct impact on the transfer prices of multinational enterprises. Dianne Berry, Marcus Chadderton, and Eduard Sporken experts within our KPMG Global Transfer Pricing Services team, put their knowledge and expertise into an article for Bloomberglaw.com to look at what MNEs need to be doing to manage their transfer pricing arrangements.

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