United States of America

Information provided by the IBA Taxes Committee members.

Value Added Tax

  • N/A

Corporate Income Tax

  • Postponement of deadline to file and pay taxes from April 15th to July 15th

Social Security Contributions or Payroll Tax

  • Tax credits for 100% of the amounts disbursed as paid sick leave, paid family leave and medical leave. The tax credit is allowed against the employer portion of Social Security taxes.

Other relief measures

  • 15 States and two cities have granted extensions to businesses that are unable to file or pay taxes and have provided relief measures. The local tax measure include individual and corporate taxes, sales taxes and excise taxes.
  • Postponement of deadline to file and pay taxes from April 15th to July 15th, for individuals.

Additional comments

  • Lawmakers are working on drafting legislation that reportedly will focus on industry-specific financial relief. Industries in focus may include hotels, cruise lines, airlines, and other hospitality sectors. The additional bill is expected to include tax and other measures to increase cash flow to businesses.