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The spread of COVID-19 is disrupting businesses around the globe. As the crisis continues, businesses need to be agile in managing the tax effects on their business.
While tax filings and payments may already be front of mind, other international tax areas require consideration.
Multiple sectors have been impacted with some businesses completely side-lined due to widespread labour and supply chain interruptions. The credit markets are only beginning to see the effects of cash strained borrowers struggling to meet their obligations. Consumer demand has all but evaporated as countries continue to encourage limited interaction to control the spread of the virus. Unemployment is sharply increasing in many places with governments stepping in, and in some cases guaranteeing incomes.
Multinationals are especially challenged with a complex web of legal and administrative changes happening around the globe. Operating in what was already a complex environment, businesses are now trying to do more with less as the public health situation weighs on the economy. As the crisis continues, businesses need to be agile in managing the tax effects on their business. We have highlighted a few of the areas below that businesses may look to address as they look to be resilient amid the global disruption.
If any of these areas have raised concerns, or you would like to discuss in more detail for your business, please contact our experts.