Cecil Kilpin | Government’s COVID-19 Proposal

By |2022-01-20T12:42:49+02:00Mar 31st, 2020|Business, Finance + Economics, Goverment, Newsletter, Tax|

Deferral Of The Payment Of Employees’ Tax Liability For Tax Compliant Small To Medium Sized Businesses   In order to assist with alleviating any cash flow burden arising as a result of the COVID-19 outbreak,Government proposes the following tax measures for tax compliant small to medium sized businesses, for a limited period of four months, beginning 1st April 2020 and ending on 31st July 2020: Deferral of payment of 20% of the PAYE liability, without SARS imposing administrative penalties and interest for the late payment thereof. The deferred PAYE liability must be paid to SARS in equal installments over the six month period commencing on 1 August 2020, i.e. the first payment must be made on 7th September 2020.   For the purposes of this [...]