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SA proposes extending virus tax-relief measures

Relief measures were initially valid for four months.
Image: Shutterstock
South Africa’s National Treasury asked lawmakers to extend tax-relief measures for businesses, including a deferral on excise duties and payroll levies, to offset the impact of the coronavirus pandemic.A payment holiday for excise duties on alcohol and tobacco products by tax-compliant companies should be lengthened to 150 days from 90 days, the Treasury said in a statement published on its website. The sale of tobacco products has been prohibited since a nationwide lockdown began on March 27 and the government reinstated a ban on alcohol trade from July 13.Treasury also proposed the deferral of a 35% payroll levy for tax-compliant small and medium-sized businesses for a further month. A two-month extension on a tax exemption for virus-relief funds was also suggested.

The relief measures, initially valid for four months, formed part of the government’s R500 billion stimulus package and were set to expire on July 31 or August 31. The proposed extensions require the approval of lawmakers on the Standing Committee on Finance.

© 2020 Bloomberg L.P.

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