Tax debt Dutch food companies 450 million

Nearly 2,500 businesses in the Dutch food trade and processing sector had been granted a tax deferral by the end of February. These 2,500 companies represent about 13 percent of the total number of companies in the sector, which is slightly higher than the national average of 10.4 percent per sector. In total, these companies have a tax debt of EUR 450 million, according to a report by ABN AMRO.

ABN AMRO data shows that during the first lockdown last year, a shock wave went through businesses in the food sector and payments to the tax authorities fell sharply. In the third quarter, the initial fears of lost sales proved unjustified for many businesses and payments to the tax authorities rose sharply again. CBS figures show that 500 businesses that initially applied for a moratorium have already repaid their debt. On average, the damage in the food sector is modest, but the relatively low average masks the pain of a number of businesses that are completely dependent on the hospitality sector and are struggling to keep their heads above water.

Read the publication 'Tax debt continues to haunt entrepreneurs' (Dutch only)
abnamro.nl

Photo: ©tovovan/Shutterstock.com

abnamro.nl