OECD issues Tax and Fiscal Policy in Response to COVID-19 Crisis Report

On 15 April, the OECD released its report on Tax and Fiscal Policy in Response to the Coronavirus Crisis (the ‘Report’) in continuation to its previous efforts in tackling the COVID-19.

The Report focuses on:

• An overview of recent short-term tax and fiscal measures adopted by countries to respond to the COVID-19 crisis with a view to support businesses, households, investment and consumption and the healthcare sector;
• Next challenges to be faced by governments and businesses and the role of tax policy during prolonged containment phases, outlining potential further support measures for businesses and households; and
• Tax policy options in the recovery phases of the pandemic.

Lastly, the OECD addresses revenue, budget and public debt impacts of containment and mitigation of the crisis and emphasises on the need to re-evaluate options for tax policy in the aftermath of the crisis, thereby pushing for the need to move on with the implementation of measures dealt with by Pillar One and Pillar Two.

The full text of the Report may be found here.