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.
As always the relief comes with certain compliance conditions. To explore whether you qualify please refer to the attached article or please contact me, Chantal, or Cecelia in our tax department.