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The rapid spread of COVID-19 has resulted in disruptions that have impacted every sector of the economy. COVID-19 is now national disaster in terms of the Disaster Management Act 57 of 2002, with a nationwide lockdown that commenced on 26 March 2020.
As the economic implications of the coronavirus pandemic become evident, Government has committed to helping the most impacted sectors of our economy. But how is COVID-19 Government relief treated for tax purposes? Once again, we must look at the capital vs revenue debate.
As the State President’s declared lockdown is implemented, the effects on economic activity and individuals will be keenly felt. In the case of individuals, many will have to work reduced hours with related cuts in remuneration. Even worse, many will face retrenchment.
Because we don’t know how long the COVID-19 epidemic may last, businesses must thoroughly assess their risks and quantify the effects of business disruption as best they can. These are unprecedented times for all of us, and the only certainty is that the way we do business will change.
On Friday, 8 May 2020, the Labour Court upheld an urgent application by NUMSA and the SA Cabin Crew Association (the Unions) against South African Airways (SAA) and its business rescue practitioners (BRPs) and ordered that it was procedurally unfair to retrench employees before a business rescue...
What happens if a tenant is unable to pay their rent? What if they can pay but choose not to in the interests of “fairness” – because why should only non-essential businesses get a payment holiday? Bradley Jackson, Partner at BDO Cape Town, explores the issues.
SARS has responded to current covid-19 challenges by making key changes to the personal tax filing season. In a media briefing held on -5 May, SARS commissioner Edward Kieswetter reiterated that more than ever before, “taxpayers need to remain compliant”.
The 2019 Novel Coronavirus infection (‘coronavirus’) or ‘COVID-19’ outbreak poses a serious public health threat.
On 21 April 2020, President Ramaphosa announced further relief measures for individuals and businesses as a result of the COVID-19 pandemic. On 23 April 2020 this was followed up by a Media Statement that provides more detail on the measures announced by the President and includes further relief...