Tax & Financial Measures in response to COVID-19 has been saved
Tax & Financial Measures in response to COVID-19
Governments around the world rapidly mobilized to support businesses and individuals to mitigate the ongoing economic impacts resulting from COVID-19. Measures have varied considerably by location.
This document provides a regional summary of specific measures that have been released by 15 African countries. Governments are offering various types of financial and tax-related support to local business and individuals. The most commonly seen measures include:
- Tax deferrals and suspensions: Tax deferrals and/or tax breaks for small business owners to immediately increase support to SMEs
- Specific industries support: Financial support or tax-related support applicable to industries like health care, tourism, hospitality, airlines, restaurants, and etc.
- Employment and social protection measures: Provides financial support and social security relief to employers and employees whose business being impacted
- Grant funding: Providing additional funds for businesses receiving government benefits or easing eligibility requirements
- Direct lending: Offering direct lending to SMEs through existing government-affiliated banking enterprises
- Loan Guarantees: Private sector loan guarantees to help small businesses weather quarantine periods
The information within this document has been collected through our global network, as of July 1st, 2020.
The situation is evolving rapidly and new measures are released on a daily basis.