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Businesses Given One Month Grace Period to Pay VAT

The Council of Ministers approved a decision to give one month grace period for businesses to report and settle VAT payments. Pension contributions payment period is also extended to July 8, 2020, although this is supposed to be settled every month.

Businesses that made financial support to COVID-19 relief efforts of the government would enjoy a 20Pct tax relief during this fiscal year. Businesses unable to pay salary to their employees are allowed to use four months’ income tax contributions of their staff.

During March 2020, the government introduced a protocol that allowed employers revise salary scales of their staff to survive COVID-19 and suspend fringe benefits and allowances until the crisis is over.

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