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    Room to breathe for tax payers with debts

    The Ministry of Finance is working on a plan to make sure that as few companies as possible will go into bankruptcy when their tax debts are due on October 1, 2021. In principle, those companies that relied on the corona support measures for tax deferral will have to start to pay the Belastingdienst (Dutch Revenue Service) the taxes still due as of October 1, 2021. They will be given 36 months to do so. However, many entrepreneurs are expected to be unable to pay these tax debts and will consequently go into bankruptcy. Of course, these debts could be cancelled as a solution, but State Secretary Vijlbrief has said a general pardon will not be an option.

    Solution

    But the Ministry of Finance is pondering a solution for more room to repay the debts. Mr Vijlbrief believes the other creditors, such as banks, will have to consulted to avoid ‘the money finding its way to the other creditors instead of to the entrepreneur’. To allow entrepreneurs more room to breathe, the starting date can be delayed from October 1, 2021 to a later date, the maximum term of repayment can be extended and the State Secretary can reduce the interest rate on tax due.

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