What relief measures are there for businesses?
The Government has announced several relief schemes and initiatives in an attempt to support South African businesses through the Lockdown period. We briefly discussed these in our COVID-19 Lockdown – Support For Business post on 30 March. In a nutshell, the following options exist at the time of writing:
- Expansion of the Employment Tax Incentive (ETI);
- The COVID-19 Temporary Employer-Employee Relief Scheme (TERS);
- Deferred tax liabilities for certain businesses on which SARS has published a Disaster Management Tax Relief FAQs document
- Contents of note within this document are:
- An outline of the requirements to be able to claim employee’s tax relief
- An outline of the expansions made to the Employment Tax Incentive (ETI)
- A worked example of how the employees’ 35% tax deferral will work
- An SDL payment holiday from 1 May to 31 August 2020
- Please note that there is also information on provisional tax deferral. We regret to inform you that this is beyond our scope of services and so we are not able to assist with this scheme.
- Contents of note within this document are:
- Various financial support and relief measures for SMMEs, including;
- Debt Relief Finance Scheme; and
- Business Growth and Resilience Facility.