The NOW is introduced 31 March 2020 and companies can apply for NOW starting from 6 April. Companies with a revenue loss of at least 20%, may apply for this three months Government subsidy (extension possible), but obviously have to comply with some strict conditions. The application form(s) will probably be available the coming days.
The amount of the subsidy is related to the decrease in turnover and the wage sum and can be up to 90% of the wage sum.
Not only Dutch companies, can apply for NOW. A foreign entity may also apply, however only if its employees (they do not even need to be Dutch) are socially insured in the Netherlands. The following aspects are relevant for foreign companies:
– The company needs to have a Dutch withholding tax number;
– If the company consisting of multiple business units acting under a single withholding tax number, the company will need to demonstrate the turnover drop on company level (not only on a business unit level). The turnover is determined on the basis of group level.
– The total wage sum of the employees who are socially insured, has to be calculated now and an accountant statement has to be submitted afterwards.
Our firm is assisting and guiding these foreign companies in applying for NOW. See our website for additional info and coordinates.