COVID-19 Coronavirus: Global Tax Update

Dechert LLP

Below please find a list of global tax measures in response to COVID-19.

United States

On March 25 and March 27 the U.S. Senate and House of Representatives, respectively, passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The President signed the CARES Act into law shortly after and without hesitation. The CARES Act contains numerous tax-related provisions directed at both individuals and businesses. Additionally, the CARES Act contains a number of amendments to provisions found in the Tax Cuts and Jobs Act of 2017 (the “TCJA”).

In addition to this act, tax filing and payment extensions were approved.

Read more here for additional United States – specific tax measures.

France

Due to the economic and financial fallouts resulting from the Covid-19 pandemic, France has taken exceptional measures to support companies. In such an outlook, companies would be able to benefit from various favorable steps.

Read more here for additional France – specific tax measures.

Germany

The German Federal Ministry of Finance has published on March 19, 2020 a Tax Circular which (i) facilitates the procedure to defer tax payments and reduce prepayments and (ii) enforcement measures and late payment penalties will be waived until December 31, 2020.

Read more here for additional Germany – specific tax measures.

Luxembourg

The Luxembourg tax authorities have announced several measures to support taxpayers in Luxembourg in the light of the Covid-19 pandemic, including tax deferrals, extension of filing deadlines and information for cross border commuters.

Read more here for additional Luxembourg – specific tax measures.

United Kingdom

In the UK, we have seen a number of tax measures in response to Covid-19, including job retention schemes, accidental residence relief and a Time to Pay facility.

Read more here for additional United Kingdom – specific tax measures.

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