ICC statement on tax measures to “Save our SMEs” in response to COVID-19

An ICC statement outlining tax measures to support business continuity and minimise economic disruption caused by COVID-19.

As the institutional representative of more than 45 million companies in over 100 countries, ICC’s “Save Our SMEs” campaign put an immediate focus on bringing attention to the scale of the effects of the COVID-19 pandemic on MSMEs. SOS aims to ensure that emergency measures and stimulus packages reach small businesses and their workers at the speed and scale required, and providing tools to MSMEs to help them navigate this difficult period.

As part of the campaign, ICC has released a call to action encouraging governments to ensure that stimulus efforts flow rapidly into the real economy and provide direct and immediate support to MSMEs and their workers to ensure their continued operation.

This statement outlines short-term measures to reduce compliance burdens, including flexibility in extending deadlines for tax filing payments and measures to increase the short-term liquidity of MSMEs.

These include measures such as the deferral or waiving of tax payments, flexibility measures for debt payments, temporary tax refunds, and cash-flow assistance to MSMEs.

Tax measures outlined in the statement aim to provide direct and immediate support to MSMEs as they continue to navigate the economic fallout associated with COVID-19.

See also: ICC Call to Action to Save Our SMEs.

Approximate reading time: 8 minutes

Share This