You don’t have to check your social media feed to understand how devastating the effects of the coronavirus pandemic have been worldwide. Besides the thousands directly infected by the virus, you probably also know people who have lost their jobs or are struggling to get back on their feet.
Perhaps some of the hardest-hit people are freelancers and small business owners. The closure of various businesses because of community quarantine restrictions has created a ripple effect that is impacting the livelihood of thousands of people in this segment of the population.
We might have heard anecdotal evidence, but a study based on the latest tax-filing season reveals a macro view of the pandemic’s impact on the local economy.
Taxumo, a web-based tax filing and payment platform, gathered data based on the the 2019 annual income tax filing season, whose deadline was on Wednesday, July 15. Insights from the study reveal that 72.1 percent of online taxpayers declared a decrease in income after the community quarantine was announced, with about 30.3 percent saying they no income at all.