Printing SA is continuing to lobby various groups in order to ensure that the industry is kept abreast of developments in the regulatory and legislative space and its success will be greatly enhanced through its members participation in its initiatives.
COVID-19 Tax Measures
The Minister of Finance has announced the following exceptional tax measures as part of the fiscal package outlined by President Cyril Ramaphosa on 23 March 2020 in his speech on the Escalation of Measures to Combat COVID-19. Tax compliant businesses with a turnover of R50 million or less will be allowed to delay 20% of their employees’ tax liabilities over the next four months and a portion of their provisional corporate income tax payments without penalties or interest over the next six months. Read more.
National Treasury recently published the COVID-19 Draft Tax Bills for public comment. Although comments had to be received by 9 April, below are the bills for reference:
Ø The Draft Disaster Management Tax Relief Bill; and
Ø The 2020 Draft Disaster Management Tax Relief Administration Bill.
Update on 9 April:
Tax Relief Benefits
The following has been published on the SARS website:
1. A YouTube video that focuses on the Disaster Management Tax Relief for Employees’ Tax, ETI and Provisional Tax. You can access it via the SARS website or click here.
2. The FAQs will be updated to provide clarity on the following:
Q: What amount must I declare on my EMP 201?
A: The full employees’ tax liability withheld or deducted from remuneration must be declared (that is, as per normal process). If you are a qualifying taxpayer, only pay 80% of this employees’ tax liability by the relevant due dates. SARS will defer the 20% employees’ tax liability and not impose/charge any penalties and interest on this deferred amount.
A practice has been picked up by tax practitioners whereby they copy all 4 regional practitioner mailboxes in their mails. This causes unnecessary volumes. The website has been amended to address this behaviour, but please only send one incident to one regional mailbox or else it causes unnecessary congestion and delayed responses.
SMME Recovery Plan
The Small Enterprise Development Agency (SEDA) would like to assess the impact of COVID-19 on your small business. This will assist Seda and its partners to enhance support measures and turnaround strategies for small enterprises during COVID-19 and beyond. This is to gauge your business challenges and needs. Complete this COVID-19 recovery plan survey: https://forms.gle/6A39tyaqyzGtTnkq9
COVID-19 support for small, medium and micro-sized enterprises (SMMES)
SMME Debt Finance Relief
Benefitting businesses which are negatively affected, directly or indirectly, due to the coronavirus disease (COVID-19) pandemic. Read more.
Application Process:
• Register on https://smmesa.gov.za/
• Complete online application form.
• Upload required supporting documents.
SMME business growth resilience facility
Businesses geared to take advantage of supply opportunities resulting from the Coronavirus pandemic or shortage of goods in the local market.
Application Process:
• Register on https://smmesa.gov.za/
• Complete online application form.
• Upload required supporting documents.
National Empowerment Fund – Funding Black Business to fight COVID-19
• COVID-19 Fund Brochure Click here
• Media Statement NEF COVID-19 R200m Fund Click here
• COVID-19 Fund Application Form R500,000 – R10 million Click here
SAFT to support SMMEs
The Oppenheimer family announced the launch of the South African Future Trust (SAFT). SAFT extends direct financial support to SMME employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19. There is a partnership between SAFT and four of South Africa’s leading banks in administering this scheme: ABSA, FirstRand Bank, Nedbank and Standard Bank. SMMEs can now apply for funding. Read more.
The Sukuma Relief Programme is being administered by BUSINESS/PARTNERS. The Rupert family’s donation will be distributed as loans through BUSINESS/PARTNERS, a funder of small companies. The Sukuma Relief Programme is being administered by BUSINESS/PARTNERS, of which Remgro owns 42.8% stake. Grants to be provided, 12 months of no interest charged and repayments confirmed for COVID-19 relief. Those wishing to apply can visit www.businesspartners.co.za
Urgent input needed for SMME support
Printing SA CEO, Dr Abdool Majid Mahomed sits on the Board of SACCI and is working closely with the Adv. Mtho Xulu who is the Lead: SME Immediate Interventions for Business for SA COVID-19 response. BSA are trying to understand the biggest challenges for SMMEs and how best to focus support. Could you please take a few minutes to respond to the three questions below?
· What are your biggest pain points and challenges in dealing with the crisis and getting support?
· Which companies are most at risk during these times? How long do you think you can survive under the current circumstances?
· Where do you think BSA are best placed to intervene?
Printing SA will use your responses to guide its thinking and come up with targeted interventions that will provide much needed relief to its members. Please send your responses to president@sacci.org.za and aKaterere@printingsa.org.
ICC COVID-19 Response
The International Chamber of Commerce (ICC) has launched a call for urgent and decisive action to Save Our SMEs and combat the economic repercussions of the COVID-19 pandemic. Read More.
COBRA (COVID Business Rescue Assistance) Pro Bono Initiative To Help
COBRA (COVID Business Rescue Assistance) has been launched as a Pro bono service to South African businesses in distress to co-ordinate bank, government and stakeholder support through a structured business rescue process. IQbusiness, Schindlers Attorneys, Engaged Business Turnaround, Sirdar Group, Envision Advisory Services, Agility and Adept Advisory are on board to provide you with their extensive legal, accounting, technology and business turnaround expertise to help businesses in financial distress – as a result of coronavirus and or other factors. Read more.
IDC Interventions in Response to COVID-19
The Industrial Development Corporation (IDC) is supporting South Africa’s efforts to prepare for the impact COVID-19 will have on people and the economy. Read More
Interim contribution arrangements amid COVID-19
The Principal Officer of SATU has made a decision relating to the Pension Fund Interim contribution arrangements to accommodate the employers. The full statement can be viewed here.
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PRINTING SA
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