How Coronavirus Will Likely Impact the Tax Stamp Industry… Continued

In the April edition of Tax Stamp & Traceability News^™ (TSTN) we looked at the impact of the global COVID-19 pandemic vis-à-vis the tax stamp industry with a view to anticipating what the implications might be for the industry. This article provides an update of sorts, exploring the same themes in terms of additional data points that may help us to better understand how the industry may be impacted.

Unfortunately, there is no way to sugar-coat the economic realities facing us in these challenging times. Despite the relative acceptance of the disease and the easing of restrictions that has restored some modicum of ‘normalcy’ to our personal and professional landscapes, the outlook is challenging at best.

When TSTN went to print in April there were just over 3 million cases reported worldwide. Two months later, the world has now crossed over the 10 million mark. While a study published at the end of April by the World Bank (The Potential Impact of COVID-19 on GDP and Trade, A Preliminary Assessment, Maliszewska, Mattoo, Mensbrugghe, World Bank), provides some grim economic modeling on the potential impact of COVID-19, no one is in a position to really predict where we may be headed.