Given the insecure times we live in and its consequences, the government of Spain is preparing various measures of fiscal aid for the self-employed and SMEs. At the moment we are waiting for the publication of the Royal Decree that makes the measures official, but we want to advance the incentives announced yesterday by the Government.
For companies in the tourism sector
A line of financing from the ICO (Official Credit Institut), endowed with € 400M and with a State guarantee, for all companies and self-employed workers with fiscal domicile in Spain that are included in the economic sectors of passenger transport, accommodation and catering.
Tax deferrals
Deferrals of tax debts with the administration will be granted for six months – the first three without interest – to SMEs affected by the coronavirus crisis. It should be noted that until the publication of the decree, the scope and limitations of this measure will not be precisely known, what is considered by “affected company”, etc.
These measures are added to those already advanced on March 11 in the field of Social Security which we remind you of:
- The periods of isolation or contagion of workers as a consequence of the COVID-19 virus will be considered as a situation assimilated to a work accident for the purposes of economic benefit for temporary disability of the Social Security system, which means that it will now be the Administration who takes over 75% of its regulatory base from the day following the sick leave.
- Moratorium of up to one year without interest on Social Security contributions corresponding to three consecutive monthly payments for companies and self-employed workers in the geographical areas and sectors that the Government considers necessary to support. Again, the precise scope of this measure can be expected, which will be established at the time of publication of the legal text.
We at Deventer Consulting must advise the utmost prudence, telework as much as possible, time flexibility, staggered shifts, hold meetings by videoconference and avoid trips that are not essential.
In subsequent communications, we will specify the details of the approved measures as they are published, so that the most appropriate decisions can be taken.
