Tax Policy Considerations in the Wake of COVID-19
Response from Ewan Livingston, The B Team, February 2021
Response from Ewan Livingston, The B Team, February 2021
We live in extraordinary times. A health pandemic has exposed a number of fault lines in society that many will say existed and needed to be exposed, including, an inequality of wealth and opportunity, the resilience of our institutions, the intergenerational transfer of wealth (in particular will our children enjoy an increased standard of living or are we burdening that...
Since the beginning of 2020, and despite the tremendous challenges faced since then, organizations globally have been given the chance to reset, rethink and reshape how to make a positive impact on the world around us, with KPMG firms being no exception.
Introducing Tax policy considerations in the wake of COVID-19 – a summary of Responsible Tax roundtable discussions on potential tax policy responses to the new reality.
Authors: Peter Beckett, Tax Partner, KPMG in the UK and James Bryan, Senior Tax Partner, KPMG in the UK
How businesses conduct themselves during this period will make or break public perception of organizations for years to come
While there were differing views about the respective merits of net wealth taxes versus gift or estate and inheritance taxes and the need for specific exemptions from such taxes, participants generally agreed that it would be more efficient for tax systems to seek to treat capital income on a more equal footing with earned income and then, generally, either tax...
A broad spectrum of stakeholders had differing views and placed different emphasis on how governments could raise revenue, where necessary, in the wake of the economic situation resulting from COVID-19. There was broad acceptance that progressivity in income taxes could be increased – possibly through a temporary solidarity surcharge. Tax rates on short term capital returns could be increased to...
No pressure to reduce corporation tax rates generally; any cost based incentives should be targeted, temporary and timely; multilateral approaches and cooperation are needed to avoid adverse spill overs, tax competition and a growth in compliance and double taxation. There is support of the work of the OECD on Pillars 1 and 2 as well as for a European common...
On 14 July KPMG International and Jericho Chambers sponsored the second in a series of roundtables on tax policy responses to COVID-19.
How we manage through this period will define how we come out of it
Virtual Responsible Tax roundtable: Reaction and resilience
Virtual Responsible Tax roundtable: The recovery phase
Virtual Responsible Tax roundtable: The new reality
Amid the current economic climate, it is clear that we need to think-through the implications for tax and the Global Responsible Tax Project (GRTP) of COVID-19.
A Global Responsible Tax Response Tread Carefully. Don’t Rush To Tax. There is a Better Future.