In response to the global Covid-19 pandemic, governments of every major jurisdiction have implemented emergency tax measures to help businesses preserve cash and navigate what is hoped to be a short-term deterioration in the global economy. This report, by the global tax team at Allen & Overy, summarises the main tax measures that have been implemented by key jurisdictions. Whilst each jurisdiction has taken its own approach, common themes include the deferral of VAT and other tax liabilities, discretionary assistance to distressed companies, and a temporary suspension of interest penalties for the late filing of tax returns. We expect that governments will implement further tax measures as the economic situation develops.
Source: taxjournal.com
