Government offers tax breaks as part of COVID-19 relief

    The country is set to spend its way out of the COVID-19 economic trouble. President Cyril Ramaphosa’s aid package aims to put money in the hands of the poor, help businesses and introduce some tax relief. eNCA’s Devan Murugan takes a look at the numbers. #Day27ofLockdown Courtesy DStv403

    JOHANNESBURG – Finance Minister Tito Mboweni has provided more details on tax measures following President Cyril Ramaphosa’s address on Tuesday evening.

    Since the country went into lockdown, many people and businesses have lost incomes and revenue.

    The new measures include a skills development levy from 1 May that will assist businesses with cash flow.

    Other measures are an increase in employment tax incentive, as well as adjusting pay-as-you-earn for donations which means donations can be factored into an employer’s monthly salary of up to 5 percent.

    Treasury says that these measures are put in place to help fill in the gaps that the coronavirus outbreak has had on the economy.

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