The COVID-19 pandemic has elicited a very different response when compared to previous financial crises. For example, governments cannot lean on policies that might increase demand, the standard fiscal stimulus for a regular economic downturn. Many governments are adjusting VAT/GST systems as a rapid response measure to assist with financial liquidity. In this Bulletin, we look at three specific areas:
- How the COVID-19 crisis is impacting VAT/GST systems
- Measures governments have announced in response to the crisis
- Looking beyond the crisis - a time for change.
