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The Citizen reports that concerns about the potentially negative impact of a monetary cap on the employment tax incentive (ETI) available to employers have been heeded.
The incentive aims to stimulate employment for young people between 18 and 29 years and supported about 646,000 youth jobs in 2014/15. In the second batch of the Taxation Laws Amendment Bill, National Treasury introduced an annual cap of R20 million on the claim allowed to each employer participating in the ETI. During the standing committee on finance’s parliamentary hearings, a “compelling case” was made that the proposed cap would come at the cost of “higher levels of potential employment”. After a recommendation by the finance minister, the committee has reverted to the original design of the ETI and removed the cap.
- Read this report by Amanda Visser in full at The Citizen
Get other news reports at the SA Labour News home page