The emergence of COVID-19 has sent a shock wave through the
world economy, resulting in significant disruption to the financial
markets, the shuttering of entire industries and the lockdown of
major cities across the globe. As a result, many national
governments are applying every policy tool at their disposal to see
their citizens through this unprecedented crisis. Naturally, these
efforts include offering relief through changes to tax laws.
In the United States, Congress has made history by providing
over US$2 trillion in relief for individuals and business in the
Coronavirus Aid, Relief, and Economic Security Act (CARES
Act), which was signed into law on March 27, 2020. The CARES Act
provides direct payments to U.S. citizens, loans to businesses and
a number of amendments to tax provisions intended to increase
deductions and defer tax payments.