In this webcast, panelists discuss about tax and economic policy actions governments are taking in response to the COVID-19 crisis.
Note: The title of this webcast was changed from "Tax in the time of COVID-19: Global tax and economic responses to the crisis" to "Global tax policy in response to COVID-19.”
Governments around the world are actively taking steps to protect their economies from the economic damage being caused by the COVID-19 virus. Whether through tax cuts, investment incentives or changes to filing deadlines, tax will play a significant part in helping alleviate the financial and economic turmoil that is now occurring. Policy changes across the globe are being proposed and implemented daily, making it more important than ever for businesses to stay abreast of developments.
On 27 March 2020, a panel of EY professionals hosted the first in a series of webinars on the tax and economic policy actions governments around the globe are taking in response to the COVID-19 crisis.
During this well-attended event, we asked the participants how this pandemic is affecting their companies, what types of stimulus would help most, and how their governments can best assist them.
The majority of respondents (60%) expect the current situation to last 3 to 6 more months, although 23% said it could last up to a year. A slightly smaller majority (54%) cited disruption to the workforce as their most significant challenge. Executives were divided on industry-specific assistance, employer tax credits and direct subsidies (all at 25%) as the most meaningful forms of stimulus, while support for employee retention (25%) topped fiscal policy measures (19%) and tax credits (19%) as the most favored relief.