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Plans for tax breaks for entrepreneurs up to three years
Plans for tax breaks for entrepreneurs up to three years
Business leaders and workers are expected to have tax breaks of up to three years, Monday, following a report by the finance minister Jan Reir (JV) on Monday, following a steering group to support the business and employees of Covid-19 to remedy the economic consequences of coronavirus disease.

The Ministry of Finance (MoF) is currently working on three support instruments in cooperation with government social partners. Firstly, credit guarantees to allow a company facing temporary cash flow problems to defer payment of the principal until the situation is resolved. Such a support program will be provided by the "Development Finance Institution Altum" ("Altum").

Secondly, there is the idea of ​​deferral of tax payments, or tax holidays, which can already be extended by one year at the State Revenue Service (SRS).

Director General of the SRS Ieva Jaunzeme said that the law currently provides for tax holidays of up to one year, but it is planned to elaborate amendments that will extend this term to three years.

The conditions for granting tax holidays will be maintained, New Zealand stressed. The SRS will evaluate the payment of the company's previous taxes, and the service will consider the requests individually, not automatically.
2020, 16 March
 
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