Tough road ahead for taxpayers and the taxman via TheCitizen_News
Ahead of Sars boss Edward Kieswetter briefing the country on the virus’s impact, experts say it will take massive efforts from both businesses and the taxman to help the country recover.
The South African Revenue Service , meanwhile, would have to double down on its collection efforts as Covid-19 relief for businesses put a massive dent in state coffers. Mboweni announced relief for qualifying companies to defer 35% of their employees’ tax over four months. He also announced provisional corporate income tax relief without penalties or interest. The gross income threshold for both deferrals was increased from R50 million to R100 million, providing total cash-flow relief of around R31 billion with an expected revenue loss of R5 billion.
He added that compliance and cooperation by all companies who could afford to forego the relief and those who would be due to pay in the next collection season was important for government to begin to recover the expected losses in revenue this year. But most of these deferred payments over a four-month period would provide short-term relief, only to come back to bite some businesses when the holiday was over, having accumulated debt to Sars.
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