IMPLEMENTATION OF TAX-RELATED COVID-19 MEASURES
Last week, SARS announced the implementation of measures to ensure the safety of all of its employees and clients. It is expected that these measures will be tightened as a result of President Cyril Ramaphosa’s announcement of a nationwide lockdown in light of the COVID-19 pandemic.
Want to know more about the SARS measures and the measures announced by President Ramaphosa?
SARS COVID-19 MEASURES
The following queries can be attended to via SARS eFiling:
- Enquiries with respect to outstanding debt and making payments.
- Enquiries with respect to outstanding returns.
- Requesting Tax Compliance Status.
- Obtaining a Notice of Registration (IT150).
- Filing of tax returns.
- Updating personal details (including bank details).
- Requesting a Statement of Account.
- Income tax registration.
- Submission of supporting documents for an audit case.
COVID-19 MEASURES ANNOUNCED BY THE PRESIDENT
Herewith a summary of some of the measures announced by President Ramaphosa on 23 March 2020:
- The government will provide seed capital of R150 million to qualifying recipients.
- The government is considering a special dispensation for businesses that are in financial distress as a result of COVID-19.
- Employees that contract COVID-19 at their place of work will be able to submit a claim at the Workmen’s Compensation Fund.
- A tax subsidy of up to R500 per month for the next 4 months for private sector employees earning below R6 500 will be implemented under the Employment Tax Incentive Scheme.
- There will be an acceleration of the payment of employment tax incentive reimbursements from twice a year to monthly.
- Tax compliant businesses with a turnover of less than R50 million will be allowed to delay 20% of their PAYE liabilities over the next 4 months, and a portion of their provisional corporate income tax payments, without penalties and interest over the next 6 months.
- Possible temporary reduction of employers’ and employees’ monthly UIF contributions and employers’ monthly contributions to the Skills Development Fund.
- The Department of Small Business Development has made over R500 million available immediately to assist SMEs that are in financial distress through a simplified application process.