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The outbreak of COVID-19 has resulted in a health crisis and a severe decline in economic activity that are without precedent in recent history. This article first provides an overview of the tax and fiscal policy responses adopted in response to the health and economic shock caused by the COVID-19 pandemic. Countries have responded firmly, focussing on liquidity and household income support. Next, adopting a forward-looking perspective, the article discusses how tax policy could evolve, as containment measures are maintained and start being phased out. It suggests a strong need for continued support, adapting to the changing nature of risks, and for stimulus to encourage economic recovery once the crisis abates. Lastly, some options to restore public finances post-crisis are explored. COVID-19, taxation, fiscal policy, liquidity, solvency, stimulus, fiscal consolidation.

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Investigating the impact of EOI on cross-border bank deposit holdings 3.1 Key hypotheses and methodological approach 3.2 Main results for liabilities of IFCs with respect to non-IFCs 3.3 Accounting for multicollinearity 4 Robustness checks 4.1 The effect of EOI across jurisdiction pairs 4.2 The potential impact of voluntary disclosure and amnesty programmes 4.3 Differing definitions of international financial centres 5 Conclusion and future research References Annex A. Further tables  7

This series is designed to make available to a wider readership selected studies drawing on the work of the OECD Centre for Tax Policy and Administration. Authorship is usually collective, but principal writers are named. The papers are generally available only in their original language (English or French) with a short summary available in the other. OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s). Working Papers describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on which the OECD works.