The Organisation for Economic Cooperation and Development (OECD) today, in connection with a webcast, issued a release noting that “with global economic activity facing a historic drop and government spending rising dramatically,” the implications of the coronavirus (COVID-19) pandemic on public finances and tax revenues are significant.
The release notes that the OECD is deploying its data gathering and analytical capacities to help governments face these challenges while supporting businesses and people towards economic recovery.
The OECD noted that:
The OECD also reported that multilateral efforts to address the tax challenges arising from digitalisation of the economy continue. Delegates from the Inclusive Framework on BEPS continue working towards a G20 mandate of reaching a multilateral, consensus-based solution by year-end, and have agreed to postpone the delivery of a political decision from a plenary meeting scheduled for July in Berlin to a new, as-yet undetermined date in October.
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