Germany Explains COVID-19 Tax Refunds
by Ulrika Lomas, Tax-News.com, Brussels
01 May 2020
On April 23, 2020, the German Ministry of Finance confirmed that certain taxpayers suffering from liquidity problems due to COVID-19 can apply for a refund of advance tax payments made in 2019.
Under the measure, affected taxpayers will be able to claim back an amount of advance tax equal to 15 percent of their taxable income in 2019. There will be a cap of EUR1m (USD1.1m), with those submitting joint assessments permitted to carry back up to EUR2m.
Affected taxpayers are considered to be those who have already reduced their 2020 advance tax payment to zero and expect to make a loss in 2020.
The measure applies to corporate income and income from property rentals.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
