TAXATION AND THE FISCAL POLICIES UNDER THE IMPACT OF THE COVID-19 PANDEMIC IN THE EUROPEAN UNION
Autor (i): Gica Gherghina Culiţă
JEL: E60, E62, E63
Cuvinte cheie: taxation, COVID -19, fiscal policies, public expenditures, public revenues
Abstract:
Challenges of the COVID-19 pandemic drastically impacted the public budget of the European Union.
Public expenditures rose due to the necesary equipment for the critical state of the health care systems. From the
usual masks and complex machines, like the ventilated respiratory assistants, to the vaccines, all implied
financial resources were above the planned budget.
At the same time, Covid-19 has resulted in unprecedented disruption to the mechanic industry of most countries,
regardless of their size or stage of development. In particular, the main sectors of economy were blocked and that meant
a reduction of public revenue. This forced the countries to find new ways to balance the public budgets.
The global economy is still facing slow growth, high global uncertainty caused by the Russian-Ukrainian
war, rising prices of energy and high level of inflation. This paper presents the situation from the past two years,
as well as perspectives based on the Taxation Trends in the EU.
Challenges of the COVID-19 pandemic drastically impacted the public budget of the European Union.
Public expenditures rose due to the necesary equipment for the critical state of the health care systems. From the
usual masks and complex machines, like the ventilated respiratory assistants, to the vaccines, all implied
financial resources were above the planned budget.
At the same time, Covid-19 has resulted in unprecedented disruption to the mechanic industry of most countries,
regardless of their size or stage of development. In particular, the main sectors of economy were blocked and that meant
a reduction of public revenue. This forced the countries to find new ways to balance the public budgets.
The global economy is still facing slow growth, high global uncertainty caused by the Russian-Ukrainian
war, rising prices of energy and high level of inflation. This paper presents the situation from the past two years,
as well as perspectives based on the Taxation Trends in the EU.
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