This finding is consistent with what is generally known about tax exemptions in countries all over the world; they are rarely effective and very difficult to target accurately and they entail substantial losses of public revenues. The scope of some of these tax exemptions was curtailed in the 2014/15 budget, which is a step in the right direction.
And the economic fallout from the tragic events of September 11, 2001, was moderated by market forces, with severe economic weakness evident for only a few weeks.