New SARS Tax Relief Measures
EXPLANATORY NOTES ON THE EMERGENCY TAX MEASURES IN RESPONSE TO THE CONTINUING COVID-19 PANDEMIC AND RECENT UNREST IN THE COUNTRY – click here
As announced by President Ramaphosa on Sunday, new Tax relief measures have been introduced to aid Employers suffering the impact of COVID-19.
These have now been drafted and include the following:
- An increase in the Employment Tax Incentive that can be claimed by up to a further R750 per employee earning below R6 500 per month for the period 1 August to 30 November 2021;
- The inclusion of additional employees qualifying for the Employee Tax Incentive and increasing the frequency with which it is paid.
- Qualifying Businesses will be able to defer payment of 35% of their PAYE liability for the period 1 August 2021 – 31 October to 1 November 2021 – 31 January 2022
- Compliant licensees in the alcohol sector may be granted a deferral on excise duties upon application to SARS
The above measures are in addition to the new measures announced in respect of the TERS subsidy.