The COVID-19 public health crisis has caused considerable damage to the economy of affected countries and to their trade partners. In an effort to mitigate the financial impact of this extraordinary crisis, measures are being implemented across Europe and the globe. In the European Union, the European Commission has relaxed the state aid rules allowing member states to implement—subject to certain conditions—measures to support business enterprises. The affected member states have taken various financial support measures related to tax, such as the deferral of payment obligations for corporate income taxes, wage taxes, VAT and excise taxes. In a post on our COVID-19 Response Blog, we provide further detail.
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