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On its session of April 21st, the Parliament decided to ease the difficult conditions of businesses by changing the terms of payment arrangements and decreasing the penalty interest rates related to taxes included in those arrangements.
The interest rate decreases from 7% to 4%. The measure is temporary and concerns taxes due on or after March 1st, where application is submitted before end of August. The impact on state revenue for 2020 is -766 million EUR, included in the second supplementary budget proposal.
As the COVID-19 measures have proven difficult for many small and medium-sized companies, the aim of the legislative is to prevent unnecessary bankruptcies of companies otherwise economically viable.
The decision was made according to the committee report by the Finance Committee. The report included two protests. The Committee suggests assessment of necessity to continue the measures or temporarily decrease the penalty interest rate further.