The whole world is currently gripped by the coronavirus epidemic, and many small and medium-sized businesses and employers have been severely affected. It is not yet clear how long the situation will last, or what the short-term and long-term economic consequences will be. Despite this, there are steps you can take to prepare for any negative consequences, as well as facilities you can use to limit the financial impact on your organisation.
It goes without saying that we are also keen to support you during this crisis. We have therefore brought together our expertise in the areas of human resources, tax facilities, subsidies, financing and strategic reorientation to create a team of specialists. Our team stays constantly abreast of the measures being taken and the schemes being made available to businesses. We are sharing our knowledge with you on this page so that you can make the right choices for your organisation.
If you have specific questions about the impact on your organisation, please get in touch with your contact person at DRV or complete the contact form below.
If you have less work than usual at the moment due to the coronavirus, the Temporary Emergency Bridging Measure for Sustained Employment (NOW) may offer a solution. Your employees will then receive benefits from UWV (the Employee Insurance Agency) for the hours they do not work.
Your business may suffer a drop in revenue and profits due to the coronavirus outbreak, and will still have costs and expenses. This may lead to liquidity problems. In that case, you can apply to defer payment of income tax, corporate income tax, VAT and payroll tax. You can also apply for funding under government measures or through other channels. The Dutch government is temporarily expanding the SME credit guarantee scheme (BMKB). Under this scheme, the government provides a partial guarantee for businesses that want to take out a loan but are unable to provide sufficient collateral to lenders.
As the impact of COVID-19 continues to unfold around the globe, the COVID-19 pandemic, and the conditions resulting from the measures taken to contain it have also created significant challenges to preparers and auditors of financial statements. This publication is intended to provide guidance on the key financial reporting considerations arising from COVID-19 and its associated events. The guidance therein relates to financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for accounting periods ending after 31 December 2019.