Coronavirus - Government measures in key jurisdictions - Flipbook - Page 41
Germany
7
8
Tax
•
Has any new
•
legislation been
introduced in light
of COVID-19?
Company
law matters
The German Federal Ministry of Finance and the supreme tax authorities of the federal
states have issued decrees containing new guidance in light of the corona crisis.
The tax authorities are instructed to make straightforward and quick adjustments of
assessed tax advances upon request (trade tax, corporate income tax, income tax
and VAT).
•
Upon application and to the extent that tax payments cannot be made due to the
effects of the COVID-19 pandemic, tax payments due are generally supposed to
be deferred without interest until 31 December 2020. There are no tax deferrals for
withholding taxes, in particular wage tax and capital gains tax.
•
The tax authorities have been instructed to suspend the enforcement of overdue tax
debts (corporate income tax and income tax) until 31 December 2020. Late payment
surcharges incurred as a matter of law shall be waived.
•
VAT on restaurant meals and other food in the catering industry will be reduced from
19% to 7% starting from 1 July for a limited period until 30 June 2021.
•
SMEs may offset expected losses against advance tax payments already made for 2019.
•
Measures under German tax law to create or preserve liquidity
•
The German government has passed legislation that allows Annual General Meetings
(AGMs) to be held electronically in 2020.
•
Have any measures
been put in place
to accommodate
social distancing
•
(such as remote
general meetings)?
There are two options for this: Either a physical meeting can be held with the option of
shareholders attending electronically and casting their votes electronically or by letter.
Alternatively, a completely virtual AGM can be convened without any shareholders being
present.
For additional information, please view here.
Government measures in key jurisdictions
41