Tax Report and Payment Deadlines Extended in Response to Corona

By Taxscan Team - On March 20, 2020 2:43 pm - 2 mins read
Tax corona - Taxscan

Considering the corona pandemic emergency, countries have extended the dates for tax return submissions and payments.

ITALY

In response to the need and urgency due to corona having a negative effect on the socio-economic conditions, Italy has brought into force the provision that suspends all tax compliances except Tax payments due in the period 08/03/2020 – 31/05/2020.

The entities being included under the provision are those that have fiscal domicile, legal or operative address in Italy.

The tax returns/ communications in the period being affected are:

  • Intrastat (February, March, April due in March, April, May)
  • Yearly VAT return (30/4)
  • Esterometro Q1 (30/4)
  • Q1 VAT Communication (31/5)

COSTA RICA

The Costa Rican government has provided a three- month Value Added Tax payment holiday starting from 15 March due to coronavirus crisis. In addition to this, corporate income taxes and customs duties are also suspended.

DENMARK

Last week, The Minister of Taxation made a proposal to extend the deadline for reporting and payment of VAT for companies who report on a monthly basis. This provision is now extended to companies that report on a quarterly and semi-annual basis.

The small and medium-sized businesses will have to add together the tax periods for the first and second quarter and the first and second half years. This will result in the reduction of payment deadline by three months for the medium-sized businesses for the first quarter of 2020 and the first half of 2020 is reduced by six months for the small companies.

For large companies, the changes are as follows:

  • The deadline of April 27 to May 25, 2020
  • The deadline of May 25 to 25 June 2020
  • The deadline of June 25 to 27 July 2020

For the companies reporting every six months, the changes are as follows:

Settlement Period Initial reporting deadline New deferred payment deadline
January 1 –June 30, 2020 September 1, 2020 March 1, 2021
July  -December 31, 2020 March 1, 2021 Combined periods payable on March 1, 2021

For companies reporting every quarter, the changes are as follows:

Settlement Period Initial reporting deadline New deferred payment deadline
January 1- March 31, 2020 June 2, 2020 September 1, 2020
April 1 – June 30, 2020 September 1, 2020 Combined periods payable on September 1, 2020

For the entities settling VAT on a monthly basis as a credit limit will have to make the payment on the normal time limit.

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