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Austria Extends Tax Deferrals By 3 Months Amid Pandemic

By Todd Buell · February 23, 2021, 12:09 PM EST

Austria has extended a tax deferral program for three more months in an effort to help businesses recover from the economic damage of the pandemic, the Finance Ministry announced.

The country's finance minister, Gernot Blümel, said Monday that because the crisis has not ended, the deadline for tax deferrals would be extended from March 31 to June 30.

"We are ensuring that companies don't have to pay back tax in the first recovery phase from the lockdown," Blümel said in a news release.

The deferment of social insurance contributions will also be extended, the document said.

The country has allowed businesses to apply for deferral of tax payments deferred since the start of the novel coronavirus pandemic. According to the news release, 77% of those seeking deferrals are small companies with annual revenue of  €700,000 ($850,000) or less. As of the end of last year, authorities had granted €6.5 billion in tax relief, the news release said.

The Finance Ministry didn't have an immediate response to a request for comment. 

--Editing by Vincent Sherry. 

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