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Countries around the world have been introducing various fiscal measures to alleviate the economic distress caused by COVID-19. One measure—among many—has been to provide relief through temporary changes of Value-Added Taxes (VAT), such as delaying payments, speeding up refunds, or reducing rates. However, the extent to which businesses and consumers will benefit from such relief measures will depend
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Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. Many people have questions about how the new law impacts their families and businesses. The Basics
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Countries around the world are implementing emergency tax measures to support their economies under the coronavirus (COVID-19) threat. On March 12, the Spanish Prime Minister announced a €200 billion ($231 billon) package, around 20 percent of the Spanish GDP, to help companies and protect workers and vulnerable groups affected by the coronavirus crisis. That’s €117
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Opening Day for baseball was scheduled for March 26, an annual sports holiday celebrated across the country as it represents a clean slate for millions of fans. This time, March 26 came and went with no opening day games—the coronavirus pandemic has postponed all major sports leagues in an effort to limit the spread of
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Millions of American workers have been laid off due to the economic downturn associated with the spread of the coronavirus. Complying with both the Trump Administration and applicable state government self-quarantine guidance, many have lost their jobs. According to the Department of Labor (DOL), jobless claims reached 3.28 million last week, an increase of 3
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Even during the coronavirus outbreak, efforts to change the way digital business models are taxed continue. The OECD announced on March 17 that efforts connected to their team’s work on digital taxation are continuing at “full steam” even as they shift to telework. The scope of the OECD work is expansive and the challenges for
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The coronavirus pandemic has prompted lawmakers all over the world to pass sweeping relief packages for citizens and businesses unable to work and operate normally. Because of social distancing, shelter-in-place, and quarantines, the economy has practically been “frozen” and the relief packages are supposed to carry companies and workers over to the other side of
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Amid the all-round disruptions caused by the novel coronavirus, a major concern is the threat of enormous job loss. Governments around the world have put forward various measures to address such concerns. One of the most talked about is Germany’s Kurzarbeit—German for “short-work”—scheme, a wage subsidy that many economists believe was essential in stabilizing the
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Yesterday, House Democrats released the Take Responsibility for Workers and Families Act, which is proposed legislation for tackling the coronavirus public health emergency and related economic downturn. The bill can be contrasted with the Senate Republican CARES Act, although they share some similarities by providing individual taxpayers with a rebate and modifying business tax provisions
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The coronavirus outbreak has caused policymakers around the world to think through ways to respond to the health crisis. A major element of that response has been to shutter businesses and cancel public events. This has led to major reductions in economic activity, and policymakers have responded in creative ways to support businesses and workers
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During the coronavirus outbreak, Italy has been hit especially hard. Policymakers have introduced numerous measures to stem the spread of the virus and provide relief to businesses that are facing a severe downturn. The government is providing both broad and narrow relief. The liquidity crunch is particularly challenging for banks. As businesses and families lose
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In today’s globalized economy, many businesses make foreign investments in countries around the world. Taxes—among many other factors—play a role in business decisions on whether and where such investments are made. Today’s maps look at the cross-border corporate effective average tax rates (EATR) on investment among 32 European countries. Cross-border EATRs capture both domestic and
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The current coronavirus outbreak has policymakers around the world advancing policies to counteract the economic effects of the crisis. Those economic effects are likely to be severe, and policymakers should consider how the structure of their tax systems might result in deep revenue losses or hamper an economic recovery once the health risks have subsided.
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As your inbox floods with emails announcing school closures, a falling stock market, and measures to self-quarantine, filing your taxes may have slipped your mind. While Coronavirus will affect most businesses, rest assured that self-file tax services, like TaxAct, will remain fully operational. For many, a tax refund is the biggest paycheck of the year,
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On Monday, Georgia’s House of Representatives passed House Bill 378, which would extend the state’s municipal rental car excise tax onto  marketplace facilitators of rental motor vehicles, including peer-to-peer car sharing firms. This proposal, like other proposals contemplated by policymakers in other states, goes in the wrong direction by expanding a tax that violates the
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A Michigan group, Michiganders for the Commonwealth, is coordinating a petition drive to put a constitutional amendment raising taxes overall while creating a graduated income tax on the ballot in November. Voters have overwhelmingly rejected such proposals in the past, and this particular measure has the added complexity of binding the legislators to act but
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