South Africa proposes extending virus tax reduction measures
(Bloomberg) – South Africa’s Nationwide Treasury requested lawmakers to increase tax reduction measures for companies, together with a deferral on excise duties and payroll levies, to offset the affect of the coronavirus pandemic.
A cost vacation for excise duties on alcohol and tobacco merchandise by tax-compliant firms must be lengthened to 150 days from 90 days, the Treasury stated in an announcement revealed on its web site. The sale of tobacco merchandise has been prohibited since a nationwide lockdown started on March 27 and the federal government reinstated a ban on alcohol commerce from July 13.
Learn additionally: Faces of Covid-19: How the pandemic is hurting South Africans, in photos
Treasury additionally proposed the deferral of a 35% payroll levy for tax-compliant small and medium-sized companies for an extra month. A two-month extension on a tax exemption for virus-relief funds was additionally urged.
The reduction measures, initially legitimate for 4 months, fashioned a part of the federal government’s 500 billion rand ($29 billion) stimulus package deal and had been set to run out on July 31 or August 31. The proposed extensions require the approval of lawmakers on the Standing Committee on Finance.
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