The COVID-19 outbreak has propelled countries around the world to implement strict measures to combat the virus. President Cyril Ramaphosa imposed minor restrictions on gatherings and alcohol sales as a start.
While the second week of the “lockdown” is drawing to an end, many companies are working at low capacity, and this may be an opportune time to evaluate some business practices.
As more South Africans work from home during the coronavirus pandemic, the question arises of whether they qualify for tax deductions.
Following announcement of the actions taken by government to combat the COVID-19 crisis, many South Africans may be aware of the proposed tax measures that are effective from 1 April 2020.
Following the publication on 29 March 2020 of the explanatory notes on the proposed COVID-19 tax relief, National Treasury expanded the relief with publication of the draft bills.
Following President Cyril Ramaphosa’s announcement of fiscal relief for certain taxpayers, in light of other measures imposed to combat the COVID-19 crisis, National Treasury published explanatory notes on 29 March 2020, which outline exactly how the tax system will be used to ease financial distress during these times.
The amendment to the expat tax exemption that came into effect 1 March 2020 will have a tremendous impact on both employers and employees respectively.
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