White House moots tax deferral

The US administration was reported to be considering “timely and targeted” assistance to help industries affected by the coronavirus outbreak, including hospitality.

White House economic adviser Larry Kudlow told Fox News: “What we are looking at...is a timely and targeted micro approach. We want targeted, in a timely fashion, for those areas that have been hit the worst.”

It was reported that White House officials were considering deferring taxes for industries hit by the coronavirus outbreak, including the cruise, travel and airline industries.

A poll released by the Global Business Travel Association concluded that the virus could potentially cost the industry $46.6bn per month, which translated into $559.7bn annually, or 37% of the industry’s total 2020 forecasted global spend.

Scott Solombrino, GBTA’s COO & executive director, said: “It is clear that the coronavirus is having a significant – and potentially very costly – effect on our members, their companies and on the overall business travel industry. It is fundamentally affecting the way many companies are now doing business. If this turns into a global pandemic, the industry may well lose billions of dollars – an impact that will have negative ramifications for the entire global economy.

“Our industry’s first priority is the health and safety of the business traveler, and our members are being appropriately cautious and pro-active in their approach to the situation.”