ICC statement on related tax measures in response to COVID-19
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At a critical time, as the world fights the COVID-19 crisis, countries around the world are implementing economic and fiscal policy stimuli, including emergency tax measures to support their economies under the COVID-19 pandemic.
ICC has developed a statement, highlighting a number of key considerations and measures in this context, which would be instrumental in supporting businesses as they adapt their operations in an effort to address the challenges presented by the crisis.
The statement specifically notes tax policy implications and encourages the OECD to consider the impact of the COVID-19 crisis with respect to on-going work in the Pillar 1 and 2 proposals for the taxation of the digitalised economy.
The statement also calls on policymakers to urge governments to avoid the implementation of unilateral taxes which impact cross-border business. The ICC statement further outlines measures that tax administrations and governments could consider to give companies flexibility to contribute to ameliorating the effects of COVID-19. These include measures to specifically improve the liquidity of SMEs who are hardest hit by the impacts of the crisis.
Read more about the global campaign to Save Our SMEs.
Approximate read time: 8 minutes