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BusinessLive reports that the National Treasury has provided details of the relief measures to assist businesses deal with the effects of the three week national lockdown and its aftermath.
There are three relief measures amounting to a total of R15bn — one expanding the age eligibility and the amount claimable under the employment tax incentive (ETI) worth R10bn, and two others allowing respectively for the deferral of the payment of PAYE (R2bn) and provisional tax (R3bn) for tax compliant small and medium businesses. To minimise the loss of jobs as businesses struggle to cope with the coronavirus epidemic, the ETI will be expanded for those qualifying companies registered with Sars for a period of four months from 1 April to 31 July. The maximum amount claimable under the incentive during this period will be increased from R1,000 to R1,500 in the first qualifying 12 months and from R500 to R1,000 in the second 12 qualifying months. The payment of ETI reimbursements will be accelerated from twice a year to monthly to improve companies’ cash flow. Also intended to assist in alleviating cash-flow problems will be the deferral of the payment of 20% of the PAYE liability of small and medium-sized businesses (SMEs) for the period 1 April to 31 July. Tax compliant SMEs will also be able to defer a portion of the payment of the first and second provisional tax liability to Sars in the period from 1 April 2020 to 31 March 2021.
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive
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