Author: Odessa Engelbrecht
On 28 July 2021 National Treasury published the following three tax amendment bills for public comment:
- Rates and Monetary Amounts and Amendment of Revenue Laws Bill
- Taxation Laws Amendment Bill
- Tax Administration Laws Amendment Bill
A Media Statement was issued along with the Bills referring to a tax relief package of R 5 billion. This relief would include:
- The expansion of the Employment Tax Incentive (ETI) for 4 months
- Payment deferrals for 3 months on PAYE for qualifying industries
The effective date for both the ETI relief and PAYE deferral is 1 August 2021. This is applicable for calculations in respect of the EMP 201 return and payment due by 7 September 2021.
If you process your payroll with us this action is required by you: Please send an email to your payroll team if you wish to consult around the expansion of the ETI or if you wish to defer the PAYE payments for 2 months.
They will make the necessary parameter changes for the ETI EXPANSION and will inform the Payroll payment / Admin team about the PAYE DEFERRAL. The Payroll payment / Admin team will respond on the process and the additional controls that they need to put in place to make sure this is handled correctly.
If you are not an HRTorQue payroll client and would like to consult with us in this area please send us an email on the address below.
Should you have any questions in this regard please contact [email protected] .