The Impact of COVID-19 on Finance and Taxation
The COVID-19 pandemic has created serious problems all over the world. It wasn't just about people getting sick. This also affected the economy. Businesses failed and many people lost their jobs. It was a huge disaster that affected not only the healthcare industry but all aspects of life. Finance refers to the management, creation, and study of money, banking, credit, investments, assets, and liabilities and Taxation is the act of imposing taxes by a taxing authority or govt on individuals, corporations, or properties. In this article, we will examine the complex web of changes in taxes due to covid 19 faced by governments and individuals. Taxation Landscape before COVID-19 Before the pandemic, countries relied on a robust taxation system to fund vital services like schools, hospitals, and infrastructure. Taxes, regularly paid by businesses and individuals, formed the backbone of government funding, supporting projects that enhanced societal well-being. ...