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Covid-19 Tax Measures

The Minister of Finance has announced the following exceptional tax measures as part of the fiscal package outlined by President Cyril Ramaphosa on 23 March 2020 in his speech on the Escalation of Measures to Combat COVID-19.
 

The tax adjustments are made in light of the National State of Disaster and due to the significant and potentially lasting negative impacts on the economy from the spreading of the COVID-19 virus. There is a critical need for government interventions to assist with job retention and assist businesses that may be experiencing significant distress.
 

These measures include:

1. Expansion of the employment tax incentive age eligibility criteria and amount claimable: 
The aim is to minimise the loss of jobs during this critical period, therefor the Government proposes expanding the ETI programme for a limited period of four months, beginning 1 April 2020 and ending on 31 July 2020.

2. Deferral of the payment of employees’ tax liability for tax compliant small to medium-sized businesses: 
The aim is to assist businesses with alleviating any cash flow burden arising as a result of the COVID-19 outbreak, therefor the Government proposes tax measures for tax compliant small to medium-sized businesses, for a limited period of four months, beginning 1 April 2020 and ending on 31 July 2020.
 

  1. Deferral of the payment of provisional tax liability for tax compliant small to medium-sized businesses:
    In order to assist with alleviating cash flow burdens arising as a result of the COVID-19 outbreak, the Government proposes tax measures for tax compliant small to medium-sized businesses, for a limited period of twelve months, beginning 1 April 2020 and ending on 31 March 2021.

The draft explanatory notes regarding the COVID-19 tax measures can be found by following the Explanatory notes on COVID-19 Tax Measures link below or visiting the SARS websites (www.sars.gov.za).

If you need any further assistance or have any enquiries with regards to relief requirements and/or measures, please contact us for assistance.
 

Once again, we wish you, your family and workforce good health during this lockdown period.

For more information, click on the button below to read the Explanatory notes on COVID-19 Tax Measures:

We will endeavour to keep you up to date with new developments by sending the information to you. Keep an eye on our social media pages for more tips and guidelines.

Indien nie, sluit aan by die Potchefstroom Sakekamer en geniet al die bemarkings-, opheffings-, opleidings- en netwerkgeleenthede wat ons bied. Volg die skakel en gee jou besigheid ‘n hupstoot.
Ons sien uit na jou betrokkenheid!

Indien nie, sluit aan by die Potchefstroom Sakekamer en geniet al die bemarkings-, opheffings-, opleidings- en netwerkgeleenthede wat ons bied. Volg die skakel en gee jou besigheid ‘n hupstoot.
Ons sien uit na jou betrokkenheid!

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Our email address is: info@potch-tlokwe.co.za
Our contact details: 0716088775
Website: www.potch-tlokwe.co.za

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