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Transfer Pricing Agenda 2021: Tax Efficiency

27 Jan 2021
BEPS, Current news, Europe, Tax Planning, Tax Pricing Agenda
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To perform tax work efficiently, one must be aware of developments in the tax world, as well as the external factors that come into play. According to the OECD, COVID-19 significantly affects the tax world. However, what is the situation during and after the pandemic? How do you efficiently work on the BEPS-analysis, design a TP-model, make the correct situation analysis, and implement an appropriate implementation strategy?

 

COVID-19

On the 18th of December 2020, the OECD published their guidance on the transfer pricing implications of the COVID-19 pandemic. The guidance states the need for the analysis of industries and the competitive situation. However, the current situation cannot be compared to the financial crisis of 2008. Therefore, you should pay attention to the differentiated benchmarking, based on the outcome tests and the allocation of extraordinary costs, according to the distribution of functions and risks. ‘Force majeure’ is an exception. State aid is granted according to general TP principles. Besides, always stay alert to changes and assume that you have to make adjustments once the pandemic is over.

 

BEPS-analysis (Base Erosion and Profit Shifting)

Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies of multinational corporations that exploit gaps and discrepancies of tax rules to avoid tax. The BEPS-package provides governments with 15 actions with (inter)national instruments to tackle tax evasion. The tools give businesses greater certainty by reducing disputes over the application of international tax rules and standardizing compliance requirements.

Recognizing the characteristics and risks of tax evasion, as well as safeguarding the assets and other value drivers, is useful for companies. A DEMPE-analysis (Development, Enhancement, Maintenance, Protection & Exploitation) is convenient for intangible assets.

 

TP-model (Transfer Pricing Model)

The aftermath of COVID-19 has caused changes in TP-models for multinationals. Multinational corporations must evaluate specific steps in their transfer pricing policies for protection and support during the pandemic.

In addition, a suitability analysis – e.g., benchmarking, TNMM and/or profit distribution – can help you with the design of a TP-model. A transaction structure, such as the extraction of permits, can play a significant role in the TP-model format.

The requirements fora n efficient TP-model are:

  • Be holistic. Take all tax aspects into account and make use of the operational management concept.
  • Be flexible. Respond flexibly to operational developments and take economic cycles into account.
  • Be alert. Active management of profit distribution by function and risk distribution is possible, so make sure you keep an eye on this. In addition, ensure sufficient availability and integrity of data.
  • Be compatible. Always work according to the correct specifications, work globally and consistently and ensure that you sufficiently document and declare.

 

Tax situation analysis

When analyzing the tax situation, pay attention to the following:

  • The BP history
  • The tax attributes, in particular, loss compensation
  • The tax rulings
  • The tax incentives
  • The extra tax aspects

 

Implementation strategy

Consider the following points in the implementation strategy:

  • The advance uni- or bilateral price agreements
  • The rollbacks
  • Joint audits of tax audits

Crisis-related adjustments to the TP-model concerning compliance and tax efficiency may be necessary. In principle, the situation regarding COVID-19 does not allow for unique TP routes; however, there are planning options. BEPS sets new requirements for the TP-model but also offers the possibility to check the efficiency of this model. The Base Erosion and Profit Shifting often suggest the analysis of margin-based TP-models with central strategy carriers. International mutual agreement procedures can be part of the tax strategy.

 

If you have any inquiries, feel free to talk to us, so we can work together to see how you can move forward with your company. You can find information about tax matters on the websites of the OECD and KPMG as well.

 

Related GCA articles:

Transfer Pricing Agenda 2021: Tax Innovation 

Transfer Pricing Agenda 2021: Tax Certainty

Transfer Pricing Guidance on Financial Transactions by OECD

More Global Transparency on Assets and Less Tax Havens on the List

Certainty in Global Tax Issues Expected to Increase

Sources

OECD – KPMG – KPMG Germany

Transfer Pricing Agenda 2021: Tax Innovation

25 Jan 2021
Aktuelles, BEPS, Current news, Europe, German SMEs, Germany, Steuerplanung, Tax Planning, Tax Pricing Agenda
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Tax security is a high priority for tax authorities. The most critical influences on investment and location decisions are uncertainties in corporate tax and the VAT system. It is crucial to ensure financial security, which is also the case with digital business models in Germany.

To have Tax Certainty, you need Compliance and Controversy. You have obligations to cooperate with the tax audit, and you need to record your work before and during this audit. Are there tax disputes? Then you can use dispute settlement instruments.

 

Verwaltungsgrundsätze 2020

The recently applied administrative principles of the tax auditing practice in Germany are:

  • Increased duty of cooperation, according to Section 90 (2) AO. The relevance of documents and data of foreign persons, such as e-mails, Messenger messages, and electronic media, is necessary. If necessary, you can contractually guarantee the internal group relationship.
  • Increased obligation to cooperate in accordance with Section 90 (3) AO. You must provide evidence for data or documents as a basis for testing by using different methods.
  • Suitability documentation. With the introduction of the “Best Method”-rule, you can leverage third-party comparison data for budget calculations and sensitivity analysis for valuation.
  • Estimates, according to Section 162 (3) and (4) AO. Please refer to this Section if your documentation cannot be used, even if the content differs from the tax authorities’ view.

 

ATAD implementation law (Anti-Tax Avoidance Directive)

Little change has taken place in ATAD. If you wish to read about this law, the European Commission is consistent in releasing ATAD information.

 

Tax CMS: Accounting obligations and tax audits in Germany

“For tax evasion of the various forms of intent, conditional intent is already sufficient.” Legal Framework – Decision Implementing Section 143 AO.

If the taxpayer has set up an internal control system (ICS) to meet tax obligations, this may be an indication against intent or recklessness. However, this does not exclude an investigation of the concerned individual case.

 

Verbandssanktionengesets/Association Sanctions Act (VerSanG):

The basis of the association sanction is a so-called association law. This includes tax evasion. Association acts can be punished with hefty fines; the amount of the fine depends on the company’s size. If there are sufficient factual indications, public prosecutors are obliged to conduct an investigation (principle of legality). It is explicitly stated that (fiscal) CMS measures can have a mitigating effect as part of the sanction.

 

Transfer Pricing Life Cycle

Even errors down to the smallest details can cause issues. You can use the Transfer Pricing Life Cycle to determine where attention is necessary.

  1. Identification: Provide continuous identification of transfer pricing issues.
  2. Tax Assessment: Provide a tax analysis of the identified transfer pricing issues based on provided calculations.
  3. Contract and Action Instructions: Ensure documented formalization of transfer pricing models in written agreements and instructions.
  4. Methodology and Actual Implementation: Ensure uniform application of transfer pricing methods for comparable transactions.
  5. Data Delivery and Calculation: Provide a consistent calculation of transfer prices according to the defined methodology.
  6. Booking: Provide the accounting mapping of transfer prices in an understandable and uniform form. Monitoring: Provide regular monitoring of compliance with transfer pricing models throughout the year.
  7. Archiving: Provide audit-proof storage of the data in an understandable form.
  8. Process Monitoring and Escalation: Provide monitoring of processes and escalations.
  9. TP Documentation: Secure the documentation content for so-called local files.
  10. Tax audit: Ensure implementation of tax audit findings in subsequent years.

If you need further information, or if you have any questions, feel free to contact us. You can find the necessary information on this topic on the OECD (Organisation for Economic Cooperation and Development), the BMF (Federal Ministry of Finance of Germany), the European Commission, and KPMG Germany websites.

Related GCA articles:

Transfer Pricing Agenda 2021: Tax Efficiency

Transfer Pricing Agenda 2021: Tax Certainty

Transfer Pricing Guidance on Financial Transactions by OECD

Base Erosion and Profit Shifting

Transfer Pricing Focus of International Tax Authorities

Country by Country Reporting

 

Sources:

Organisation for Economic Cooperation and Development – Federal Ministry of Finance (Germany) – European Commission – KPMG Germany

The investment for the future: Hydrogen

20 Jan 2021
Europe, Japan, Netherlands
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Photo by Jeff Kubina

A lot has changed since the 1800s, where during the industrial revolution, humanity produced carbon dioxide (CO2) and other gasses that could harm the climate. The main difference is that these effects used to be mainly local, not global as they are now. However, humanity needing energy sources to survive has not changed in these 200 years. How do we combat global warming? We could stop using electricity and gas altogether, but that is most unlikely. The solution to our problem is using green energy: Now is the time to invest in Hydrogen!

What and where is Hydrogen?

DUJAT describes Hydrogen as a fashionable energy vector due to its potential to support the transition to a decarbonized energy system required to meet the Paris Agreement’s emission reduction goals.

If there is one country doing Hydrogen justice, it is Japan. While Europe is slowly but surely starting with the Hydrogen process, Japan already produces Hydrogen domestically. Hydrogen is made from natural gas and oil and provides energy for residential buildings, experimental power plants and fuel cell vehicles. To show that Japan is the Hydrogen Nation, the First Hydrogen Olympic Games are an inspiration to follow. Now you might wonder, if Japan already uses Hydrogen to provide for heat networks, how is Europe doing at this moment?

TopDutch

Sander Oosterhof, Director of Foreign Direct Investment and Business Development of NV NOM, explained why the northern province of the Netherlands, Groningen, has always been crucial for energy production. The TopDutch region collects interconnected, purpose-driven and people-powered ecosystems. These ecosystems are committed to finding green and digital solutions for global economic, social and ecological changes. In other words: investment in sustainable mobility with electrification, hydrogen technologies and new infrastructures.

According to Catrinus Jepma, Professor emeritus of the University of Groningen & Senior Advisor of the New Energy Coalition, the Netherlands may not be Hydrogen’s leader but the project-planning leader. Currently, the Netherlands and Europe thrive on oil, gas, wind and sun. GasUnie provides windmill parks in the North-Sea and extensive gas infrastructure. However, the gas and oil period is ending, and what if there is not enough sun and wind to produce sufficient energy? How do you store and transport excess energy? To start answering these questions, the Paris Agreement has set up goals for 2030 and 2050 to implement Hydrogen as efficiently as possible. By 2050 the EU aims to be climate-neutral with net-zero greenhouse gas emissions.

Europe’s Valley of Death

Europe needs to have a completely green system; this seems impossible, but 20 years ago, renewable energy was only 10%, whereas it is now 30%. Every 15 years, the goal is to improve renewable energy levels. This includes the transition from blue Hydrogen (natural gas to H2) to green Hydrogen (green gas to H2).

For Europe to move forward, governments need to get through the ‘valley of death.’ Many discussions surround renewable energy, which is not necessarily bad, but crucial decisions need to be made soon. Governments need to support industry investment initiatives in producing, transport, storing, and implementing Hydrogen. This support needs to line up with surrounding countries by, for example, launching a supporting research agenda.

The Dutch have their hands full with the Paris Agreement goals (as the Dutch would say, “Er is werk aan de winkel/There is still a lot to do”), but there are many opportunities. René Schutte, Hydrogen Program Manager of GasUnie, explained how the Netherlands has many options for current and future Hydrogen projects. He calls this the TopDutch call to action.

The Dutch (gas) infrastructure

GasUnie provides access to its system to the public. With the decrease of natural gas and the increase of green gas, CO2 needs to be reduced upfront. What the future holds can be seen in the image above:

  • The Hydrogen infrastructure adjoining the natural gas/biogas infrastructure
  • The increase in green gas production
  • The windmill parks providing power-to-gas
  • The storage and transport of CO2
  • The industry cluster and heat network interconnected with the points above

“I want to invest in Hydrogen projects. What does that look like?”

There is much scaling up to do to increase renewable energy. Current phased roll-outs are implemented with a programmatic approach. These roll-outs ask for a lot of cooperation and funding between governments and industries. Luckily the interest in this Hydrogen project grows. For example, at this moment, the New Energy Coalition is working on HEAVENN: a Hydrogen Valley. International roll-out programs like these are crucial for the continuous development of Hydrogen in Europe.

What now?

Future investments make sure that not only industries but the entire world can continue to grow. We need to continue to think critically about our innovation methods. What are our long-term goals; how do our actions of today impact our future? Are you wondering how the future of your company unfolds? We would love to talk to you about it. In case you and your company are considering investments in Hydrogen, do not hesitate to contact NV NOM, the University of Groningen and/or GasUnie. Let’s go global; let’s go TopDutch!

 

Sources:

DUJAT – NV NOM – University of Groningen – GasUnie – the Paris Agreement – Japanese Olympic Committee

The Brexit impact on Japan

11 Jan 2021
Brexit, Current news, Europe, Japan, United Kingdom
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Brexit not only has a significant impact on the United Kingdom and Europe. The impact is global as well. Even as an independent nation, the UK is a big player in world trade. Another big player is Japan, being the third-largest trade country in 2018. Japan and the UK invest in each other, being in each other’s top 6 trading partners. However, Japan has a healthy and sustainable economic relationship with the EU; the EU-Japan Balance sheet is in almost perfect equilibrium. The upcoming years are crucial for Japan to lay the foundation of a new post-Brexit order. Unfortunately for the UK, according to  Tokyo Review, the UK is not Japan’s highest priority. Nonetheless, the UK and Japan are vocal advocates for free trade and are determined to defend a rules-based international trading system. What are the current opportunities to trade and ensuring that the UK remains the gateway to Europe, or will this be the downfall that causes Japan to relocate their business elsewhere?

The Free Trade Agreement (FTA)

In 2020, Japan and the UK signed an FTA, namely the CEPA (UK-Japan Comprehensive Economic Partnership Agreement/日英包括的経済連携協定). This agreement is the first deal the UK has struck as an independent nation. With this deal, the countries wish to overcome the economic challenges surrounding COVID-19. In other words: Lower import and export tariffs.

For the next three years, the UK wishes to secure FTAs with countries covering 80% of the UK trade. Meanwhile, the total UK-Japan trade value is 29 billion GPB (in 2018). A long-term FTA between the UK and Japan could increase the total trade value by 15.2 billion GPB. By removing trade barriers, small and medium-sized enterprises that import and export goods gain benefits. This situation creates the desire for UK-companies to enter the Japanese market and Japanese companies to enter the UK-market as well. The covered areas in the treaty are:

  • Agriculture, food and drink
  • Manufacturing
  • Digital and data
  • Financial services
  • Creative industry
  • Fashion
  • Small and medium enterprises (SMEs)
  • Services
  • Investment

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

The CPTPP is one of the world’s largest free trade areas, with 13% of the GDP (Global Gross Domestic Product) in 2018. Japan is the largest CPTPP member, representing over 28% of the total trade. The UK wishes to join the CPTPP, with the signing of CEPA being the first step. If the UK joins, the GDP increases to 16%.  The UK will benefit from significant long-term trade. The UK will benefit from investment opportunities in business in the Asia-Pacific region, and vice versa.

 

We all go through uncertain times. It is yet to be seen how Brexit and future trade treaties will unfold for the UK and Japan’s trade relationship. If you are unsure of what to do, talk to us, we would love to help. If you would like to read more about CEPA and the UK’s future plants to join CPTPP, you can find more in-depth information on the UK Government website. Meanwhile, we summarized benefits and (potential) threats for the UK-Japan trade in an overview below:

Benefits and threats for the UK

Section Benefit Threat
Digital trade The UK’s ambitious digital provisions, including the free flow of data between Japan-UK, lead to innovation and development of emerging technologies (blockchain, driverless cars, quantum computing). The estimated trade boost is estimated to be over 15 billion GBP. The UK left the most significant free trade zone of the EU and Japan. Even with the UK’s extra focus on digital trade, tariffs could rise nonetheless.
Profession and business services CEPA allows professionals to move more quickly and support recognition of professional qualifications, such as accountancy and the legal profession. The export of businesses from the UK to Japan, including accountancy, engineering, and legal services, is 1.5 billion GBP. Political significance with CEPA is certain, but the economic impact is likely to be very small. This is due to limited improvements compared to the EPA (EU-Japan Economic Partnership).

According to UoS, lawyers worry about subsidy deals being weaker in Japan than in the EU.
Financial services With reduced barriers to cross-border trade and investment and co-operation between UK-Japan on financial regulation, the export of financial services to Japan is estimated to grow. The current export of financial services is 4.1 billion GBP. Whereas CEPA is more potent than EPA, it can have drawbacks. For example, the UK wants to receive quotas for some agricultural products exported with a lower tariff. Instead, the UK can use left-overs from the EU’s quota with Japan, potentially putting UK exporters at a disadvantage.
Automotives Cars are one of the UK’s top goods exports to Japan, worth around 1.1 billion GBP. By 2026 the British tariffs on Japanese cars are removed. The EU is Japan’s biggest car market. If trading between Japan and the UK becomes undesirable, Japan can choose Europe instead. Since 2016, Japan has already postponed or closed some car factories and projects. Critics say that the UK’s GDP (Gross Domestic Product) is only boosted by 0.07%, a fraction of the lost trade with the EU.

Sources

United Kingdom Government – Tokyo Review – University of Sussex – Ministry of Foreign Affairs (Japan) – The Japan Times

Brexit: Some pointers for you and your company

05 Jan 2021
Brexit, Current news, Europe, United Kingdom
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There seems to be no escape: Brexit. Before the news came out that there finally was a deal, December was a month full of nervous waiting. The advice from the Customs, Chamber of Commerce, Tax Authorities, MLNV, the Embassy, and the Task Force VK all sounded the same: Whether there is a deal or no-deal, preparations are necessary! The deal situation has a few advantages (compared to a no-deal), such as facilitating documents of preferential origin and import duties, but this does not mean there is less work to be done.

We have listed a few pointers for you and your company.

1. Prepare your documents

Prepare for custom formalities, supervision of goods traffic, levying of customs duties and excise duties, and the non-tariff trade barriers. Most companies trading with the UK are familiar with these topics. We have listed some necessary documents for you, with a brief explanation.

1.1 Export from the EU to the UK? Take care of the export invoice (excluding VAT), transport documents and export declaration

This situation has a few adjustments. You can no longer make an intra-community delivery when providing the export invoice, which means an export declaration is required. An EORI number is necessary for this export declaration. You must ensure a correctly completed export declaration for the transport documents (CMR, B/L, or AWB) and proof of export. This declaration allows you to claim exemption from VAT with the tax authorities, depending on your Incoterm. Make sure to have your documents ready and stored because the customs can check your documents for up to 7 years.

When importing into the EU from the UK, it goes the other way around: the British supplier provides the export invoice and a British export declaration as proof of the VAT. He also includes transport documents, UK export declaration and, depending on where the goods enter the EU, the transit documents (T1). In the EU, you need an import declaration (AGS or EORI number), payment of import duty, consumption tax and VAT. With your requested VAT code number, according to Article 23 of the Turnover Act, you can reverse charge the VAT. This step is especially crucial for the person who takes care of the logistics for you.

1.2 Pay attention to the UK import declaration

You have to communicate an agreement about the import declaration with the customer. To apply for an EORI number, visit your designated tax authority’s website (e.g., if you own a Dutch company, you have to go to the Dutch tax authorities). For a British EORI number, you must go to the British Government website.

1.3 Bringing goods to the UK from the EU through roll on roll off ports?

The British Government has made an overview of preparations for using roll on roll off ports and ferry services. You can view this on their website.

1.4 Arrange the UKCA marking

(Web)shops have to deal with new rules, such as distinguishing between packages worth more or less than 135£. UKCA marking replaces CE marking. The safety requirements remain largely the same, but the UK standard is needed to get your products to the UK market. Some CE markings can still be used in the UK market until 1/1/2022. However, this does not apply to every marking. Therefore, check the UK Government website on how to arrange the UKCA marking.

 

2. Make sure everyone knows what to do

In matters such as VAT reverse charge, Incoterm costs, import and export declarations, and transport documents, you must continuously communicate with other parties (such as customers and suppliers). The necessary information can be obtained here:

2.1 Check the Brexit Checker

The UK Government has all the essential information. If you do not know what to look out for, you can do the Brexit Checker. We recommend this, even if you have done this scan before, as it updates frequently.

2.2 Check the consequences for public administrations and EU businesses

Do you have questions and uncertainties about excise duties, intellectual property law, and prohibitions and restrictions? The European Commission listed the EU guidelines so that you can keep an eye on these matters.

2.3 Check the UK Government

Changes in, for example, VAT payments can be found on the website of the UK Government. In general, the website provides essential information on the Brexit situation.

 

3. Select the best Incoterm

As you can see above, there are many Incoterms to choose from, so pick one that suits you best. Who will bear which costs (import duties, customs clearance costs) and transport risk depend on the agreed Incoterm. Pay attention to long-term contracts, EXW and DDP risk factors, risk during loading and unloading, and transport risk. For example, with the FCA Incoterm, the buyer is primarily responsible for the arrival of goods, whereas the DDP Incoterm, the seller is primarily responsible. You have to consider which party should be accountable and where the risk transfer points lie for you. Discuss this with your customer and suppliers.

If you are not sure which Incoterm suits you best, and how to arrange this, go to the UK Government website.

 

4. Check, check, and check again!

Djoeke Adimi, of the Task Force VK, describes the situation as ‘significantly complex.’ “If you want to trade or continue to trade with the UK, you have to do your homework.” You need to sit down and work for a while, and by this we mean: you have to check everything carefully, down to the details. The complexity depends on which actions you want to perform.

 

Feel free to talk to us, or visit brexitloket.nl or gov.uk for further details on Brexit matters. Do not be afraid to work together and ask for assistance: Although you need to have your paperwork in order, you certainly do not have to do this alone.

 

Bronnen:

Brexit Loket (Dutch Government) – Dutch Chamber of Commerce – Dutch Tax Authorities – Dutch Customs – UK Government

Illustrations by Global Connect Admin B.V.

Press Conferences in Japan and the Netherlands: Different news, different actions

28 Dec 2020
Current news, Japan, Netherlands
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A press conference can help see the impact the coronavirus has and how each country handles it. The Dutch government and the government of Japan both have stated their significant concerns on the critical situation of the rise of corona cases. You might wonder, “Then the situation in Japan must be just as critical as in the Netherlands.” Yes and no.

Whereas in the Netherlands, the current total cases are around 762.985, Japan has about 221.412 cases¹. If you would show these numbers to a Dutch person, they will most likely react confused to the Japanese’s concerns since these numbers are less than those of the Netherlands. Perhaps it has to do with Japan’s collective culture, while the Dutch culture is significantly individualistic. Or has it to do with actively preventing the infections of the coronavirus? The density level in Japanese cities is more significant than in Dutch towns; thus, a domino-effect could happen without the right actions. Let’s take a closer look at the press conferences earlier this December. Who is speaking, and what are they saying?

¹These numbers are based on the data from HU CSSE COVID-19 Data on 28/12/2020.

The press conference in Japan: Support & Vaccination

On the 11th of December, 2020, at 2:53 P.M., Tamura Norihisa (田村 憲久) the Ministry of Health, Labour and Welfare (厚生労働省), held a press conference. During the conference, he addressed various concerns for those who find it difficult to get by during the year-end and New Year holidays.  Norihisa addressed the vaccination process in Japan, as well.

The government requests local bodies to establish a system by making preparations and arrangements to open temporary contact points and secure locations for temporary lodging during the end of 2020 and 2021. In addition, the Hello Work public employment offices are setting up a system where advisers are on duty to listen to individual circumstances. A prime example of their work is providing support to those who have no place to live due to becoming unemployed during the pandemic.

Norihisa addressed the vaccines from AstraZeneca as the second point of the press conference. The Japanese government has closed an official agreement with AstraZeneca, which will supply 120 million vaccinations for Japan. During the first quarter of 2021, 30 million vaccinations will be provided. Regarding the vaccines, the Health and Welfare Science Council met on the 10th of December to study the system for administering and distributing the vaccines in each local municipality. They want to ensure that the vaccination process goes as smoothly as possible.

Financial help in Japan

Regarding the Special Emergency Petty Cash Funds, the government has extended the deadline for applications following the economic measures. This deadline used to be the end of December 2020, but will now be the end of March 2021. In addition, the maximum payment period of the Cash Payment for Securing Living Quarters will be extended from the current nine months to twelve months. Single-parent households will receive a re-payment of extraordinary special benefits as well. Click here to read more about the financial arrangements (in English and Japanese).

Press conference in the Netherlands: Lockdown

On the 14th of December, 2020, at 7 P.M., the Netherlands’ Prime-Minister,  Mark Rutte, held a press conference. This press conference was more a speech to the people since he announced a strict lockdown to prevent more coronavirus infections. The number of corona infections is increasing, with many new cases added every day. The Netherlands is in lockdown from the 15th of December 2020, lasting until the 19th of January 2021. Whereas during the press conference of Norihisa, the only background noises you could hear were the camera shutters, the background noises during Rutte’s speech were protestors.

Rutte addressed the elephant in the room: this Christmas will be gloomy. From the 16th of December 2020 to the 18th of January 2021, online education will become the norm from primary education to universities. There are exceptions for practical training and personal guidance for students with special needs. Childcare is closed as well, with an exception for parents with vital professions. Meanwhile, the government strongly advises everyone to work at home, unless it is not possible. Only essential shops will remain open, such as supermarkets, financial and government organizations. Other shops and restaurants can only make use of take-away and pick-up services.

Rutte hopes that the vaccination process can start at the beginning of the next year. He calls this process the hope for 2021.

Financial help in the Netherlands

The ministry is releasing a new substantial support package, based on the volume of loss. Subsidies can be applied for from the 15th of December. The higher the loss, the higher the financial assistance. On the governmental website (Rijksoverheid), companies can (re-)apply for support and recovery packages with temporary financial arrangements, social packages and investment measures. The Chamber of Commerce and the employers’ organization VNO-NCW/MKB Nederland have created aid packages as well. Read more about financial arrangements here (in Dutch).

 

We understand that the current happenings around the coronavirus can affect your business. In case you are considering expanding your business to Japan or the Netherlands, but wonder if this is the right moment, and if not, what preparations for the future you can do: please talk to us. We wish to help you in any means possible.

Sources:

Google / JHU CSSE COVID-19 Date – Ministry of Health Labour and Welfare – Rijksdienst voor Ondernemend Nederland – Rijksoverheid

Holiday Wishes

24 Dec 2020
Uncategorized

We at Global Connect Admin B.V. wish you a merry Christmas and a Happy healthy new year!

This year has been difficult for everyone. We hope that 2021 brings new opportunities for you and your business. Let’s stay connected! For now, we hope everyone stays safe and healthy during the holidays.

Kind regards,

Your Global Connect Admin Team

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