The first economic stimulus package sought to alleviate the pandemic’s immediate impact upon the tourism industry. Incentives for the tourism industry include:
Incentives for the logistics industry include:
The postponement of monthly tax instalment payments for businesses in the tourism sector is a welcomed move as this relieves cashflow constraints faced by these companies. We expect the authorities to provide details on the postponement of monthly tax instalment payments. It is unclear at this stage whether the revision of tax estimates refers to the tax estimate for the financial year 2020 or for the period from April to September 2020.
This summary is for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for detailed advice in individual cases. Transmission of this information is not intended to create, and receipt does not constitute, a lawyer-client relationship between JC Legal and the user or browser. JC Legal is not responsible for any third-party content which can be accessed through the hyperlink provided in this summary.