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Urgent tax measures to respond to COVID-19 impact

Fiscal News, Coronavirus News

In the Official Spanish Bulletin of March 13, 2020, Royal Decree-Law 7/2020,  published March 12, a series of urgent measures to respond to the economic impact of COVID-19 have been adopted.

The Royal Decree-Law includes measures to strengthen the health sector, protect the well-being of families and support affected companies, particularly in the tourism sector and SMEs.

As regards to taxation, the measure adopted is to make tax payment deferrals more flexible for a period of 6 months, upon request, with a discount on interest rates.

As it is known, the deferrals of tax payment are regulated in article 65 of the General Tax Law. In accordance with the provisions of said article “Tax debts that are in a voluntary or executive period may be deferred or fractionated in accordance to the regulation, upon request of the taxpayer, when their economic-financial situation temporarily prevents the taxpayer from paying the debt in the established terms”.

Article 14 of the Royal Decree-law grants the possibility of deferring the payments deriving from the declarations-settlements and self-assessments which submission and payment deadline is due from March 13, 2020 (when Royal Decree-Law comes into force) until May 30, 2020, provided that the requests filed is under 30,000 euros.

The deferral also applies to tax debts which currently cannot be deferred in accordance with article 65. 2 of the General Tax Law:

· Those corresponding to withholding taxes and payments on accounts.

· Those corresponding to taxes that must be legally recharged (for example VAT).

· Those corresponding to corporate income tax payments on accounts.

Necessary requirement to apply: The taxpayer must have a turnover below 6,010,121.04€ in 2019.

Deferral conditions: a term of 6 months with no delay interest during the  first 3 months of the deferral.

 

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