The (In)direct (Tax) Fallout of COVID-19

Countries worldwide are continuing to take actionable steps toward mitigating the spread of the Coronavirus and economic fallout due to the pandemic, as well as provide a level of security to individuals and businesses. The COVID-19 crisis is likely to cause a significant hit on tax revenues in 2020. The major tax gap will be from transaction taxes, due to the sharp fall in economic activity, changed patterns in consumption following lockdowns and the forced closure of many businesses.

Source Vertex

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