COVID-19

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

Conditions for NOW 3, changes to NOW 1 and 2 and opening NOW 1 Subsidy Determination Desk

The Minister of Social Affairs and Employment informed the Lower House of Parliament on September 30, 2020 about the precise conditions of NOW 3, several changes to NOW 1 and NOW 2 and about the opening of the NOW 1 Subsidy Determination Desk.

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Relief and recovery package for the economy and labor market (Emergency package 3.0)

On August 28, 2020 by letter to the Lower House of Parliament, the government presented a relief and recovery package for businesses and workers, which follows on from the two previous emergency packages.

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Impact of transfer pricing adjustments on EU customs valuation

Many companies are not aware that retrospective intercompany transfer pricing adjustments could potentially impact the customs valuation of goods imported into the EU. It is therefore imperative that action will be taken.

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New European environmental taxes in the offing

In July, EU heads of government reached agreement on the largest-ever EU recovery package to mitigate the consequences of the corona recession. The agreement includes new environment-related measures at the EU level.

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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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