The current economic challenges have widened the budget deficit of governments at all levels as both revenue from oil and taxes have dwindled. Ironically, it is also the time when government needs to spend more to provide palliatives, tax concessions and support to vulnerable persons and businesses.
Given the unusual situation, government needs to be deliberate in implementing tax measures and fiscal policies. The overall objective should be to generate revenue in a manner that does not hamper economic recovery. On the other hand, taxpayers need to pay attention to their tax affairs to ensure compliance at the least possible costs while managing their tax risks for long-term sustainability.
Read our tax alert below for further details:
Download PwC Tax Alert_Stamp duties recent developments_Aug 2020