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Treasury briefs Parly on tax relief measures for citizens, businesses

The Draft Disaster Management Tax Relief Bill contains the latest proposed amendments in regard to tax relief measures to soften the economic blow caused by the COVID-19 pandemic.

 Picture: sars.gov.za

CAPE TOWN - Treasury has briefed Parliament about a wide range of tax relief measures for struggling South Africans and businesses.

MPs in the standing and select committees on finance from National Assembly and National Council of Provinces were briefed by the National Treasury and South African Revenue Service on the 2020 Draft Disaster Management Tax Relief Bill and the 2020 Draft Disaster Management Tax Relief Administration Bill on Thursday.

The Draft Disaster Management Tax Relief Bill contains the latest proposed amendments in regard to tax relief measures to soften the economic blow caused by the COVID-19 pandemic.

One of the major incentives of the Draft Disaster Management Tax Relief Bill is the expansion of Employment Tax Incentive age eligibility from 30-65 for those not eligible because of age and allowing a flat amount of R500 monthly claim up to the age of 65.

There will also be a streamlined special tax dispensation for funds established to assist with COVID-19 disaster relief efforts like the Solidarity Fund.

National Treasury's chief director for economic tax analysis Chris Axelson said: “So, the first part was the expansion of the Employment Tax Incentive so that it applies to all employees and not just new employees

Yanga Mputa from National Treasury said donations made to relief funds would be exempt from donations tax.

“What will happen is that donations made to those funds with be tax-deductible and will be exempted from donations tax.”

Even though the Draft Disaster Management Tax Relief Bill is a bill and must still be promulgated, the proposals came into operation on 1 April.

For official information about COVID-19 from the Department of Health, please click here.