The slowdown in business activities due to the outbreak of COVID-19 may offer a golden opportunity for most companies and individuals to review their tax affairs and to determine what their tax practitioners has done.
Many South Africans had to scramble to set up a home office when the country went into lockdown at the end of March in an effort to curb the spread of Covid-19. When the lockdown was extended by another two weeks, employees started asking questions about the expenses they have been incurring while working from home.
As more South Africans work from home during the coronavirus pandemic, the question arises of whether they qualify for tax deductions.
Following announcement of the actions taken by government to combat the COVID-19 crisis, many South Africans may be aware of the proposed tax measures that are effective from 1 April 2020.
Following the publication on 29 March 2020 of the explanatory notes on the proposed COVID-19 tax relief, National Treasury expanded the relief with publication of the draft bills.
Following President Cyril Ramaphosa’s announcement of fiscal relief for certain taxpayers, in light of other measures imposed to combat the COVID-19 crisis, National Treasury published explanatory notes on 29 March 2020, which outline exactly how the tax system will be used to ease financial distress during these times.
Celebrating the launch of its regional office on the west coast of Mauritius, Temple Group conducted a workshop on the 2020 Tax Reforms in SA, emphasising the reforms announced in the recent budget speech, and the importance of choosing the correct processes for relocating oneself or a company outside of SA.