The world is currently facing its biggest global crisis since the Second World War. These extraordinary times are seeing unprecedented measures being taken by Governments across the globe to stop the spread of COVID-19, Russell Hughes writes.
As a result of stringent policies being implemented by Governments, the majority of businesses are seeing sales levels significantly reduced, and in many cases, ceasing completely.
This is having a significant adverse effect on cashflow as businesses continue to incur costs, including salaries of employees.
To assist businesses in navigating their way through the impact of COVID-19 and to prevent economies from collapsing completely, the European Commission has recommended that Member States provide support to affected businesses in meeting their VAT liabilities.