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Support To Businesses: COVID-19 Pandemic

March 28, 2020 - by mindadmin

As we all the groundbreaking circumstances facing taxpayers as a result of the COVID-19 pandemic. We continue to carry out perform important role for tax payers and customs administration to the every effort having regard for the safety and well-being of both our staff and taxpayers.

Via following information, we assist taxpayers, and their agents, dealing a wide range of difficulties caused by the impacts of the COVID-19 pandemic.

United States

 

Plan to Implement Corona virus-Related Paid Leave for Workers and Small & Midsize Businesses:

In the Washington, all tax and revenue related departments like Treasury, IRS, and the Labor Department has been announced that all small and midsize businesses/ employers can take advantage of two new refundable payroll tax credits. This law designed immediately for the cost of providing leave to their employees regarding Corona virus.  This act relief to employees and small & midsize businesses.  This law is provided under the Families First Corona virus Response Act (Act) as signed by President Trump on March 18, 2020.

This Act will help the all United States businesses and employees to combat and defeat COVID-19. By giving all American businesses and employees with less than 500 employees funds to provide employees with paid leave or employee’s own health needs or to care for family members. This law will entitle employers to keep their workers on their payrolls.

For more info visit :- https://home.treasury.gov/news/press-releases/sm952

 

Australia

 

Today, the ATO (Australian Taxation Office) website updated with new Taxation/ superannuation laws and act due to Corona virus. The site is ato.gov.au/corona virus

Chris Jordan (Commissioner of Taxation) admitted that many people are being affected heavily by the badly economic situation created by the outbreak of COVID-19. So now ATO is standing by ready to help where it can.

The ATO’s Corona virus page gives you easy-to-understand and detailed information about what people require to know or do accordingly to get access the tax or superannuation’s measures as announced by the Australian Govt.

Measures include:

  • giving individuals early access to their superannuation
  • providing cash flow assistance for employers
  • increasing the instant asset write-off, making more businesses eligible
  • backing business investment by accelerating depreciation deductions.

For more info visit:- https://www.ato.gov.au/Media-centre/Media-releases/ATO-releases–one-stop-shop–for-essential-tax-and-super-info-on-COVID-19-stimulus-measures/

Canada

 

The CRA (Canada Revenue Agency) has uploaded the page to provide updates on the fiscal measures taken by the Agency to help Canadians manage their tax and benefit affairs as this situation evolves. For more information on COVID-19, you can visit Public Health Agency of Canada’s page which provides general updates and health information.

The CRA understands that individuals and businesses might be dealing with difficulties in filing their income and benefit returns and in cash-flow problems in the coming months. This page lists important changes and information, some of which affect tax-filing and payment deadlines, and the ways you can interact with the CRA.

For more Info visit:- https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html

 

United Kingdom

 

In under Coronavirus Job Retention Act, all UK employers will be able to access support to continue paying part of their employees’ salary with a PAYE scheme for those who have been laid off during this crisis that was created and started on or before 28 February 2020.

This law applies to employees who have been asked to stop working, but who are being kept on the payroll, otherwise described as ‘fraud workers’.  HMRC will pay up to £2,500 a month, 80% of an employee’s usual wage costs plus the associated Employer National Insurance contributions. This Act will cover the cost of wages backdated to March 1st if applicable and is initially open for 3 months, but will be extended if necessary.

 For more info visit :- https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/