22 Apr BSA – Daily Update 21 04 20

BUSINESS FOR SA PROPOSAL: IMPLEMENT THESE TAX CHANGES TO AVOID LONG-TERM DAMAGE TO THE SA ECONOMY

Even before COVID-19, South Africa was under severe fiscal pressure. It is now accepted that the economic fallout resulting from the outbreak will inflict long-lasting damage to the local economy.

Small businesses, in particular, are vulnerable and many will struggle to survive without support.

Given the urgency of the situation and the sheer scale and magnitude of the crisis, aggressive, decisive and immediate action through temporary and targeted measures is imperative to prevent (as far as possible) long term damage to the South African economy.

In the medium term, more comprehensive policy-based interventions could be considered in order to boost economic growth (such as, for example, tax incentives and reduced tax rates).

Business for SA have proposed several taxation interventions that South Africa should adopt urgently. To see the full proposal, go to https://www.businessforsa.org/the-south-african-economy-needs-more-tax-interventions-to-mitigate-the-economic-effects-of-covid-19-in-south-africa/

To find out about temporary relief for employers and employees through the UIF, go to https://www.businessforsa.org/c-19-ters-benefit-what-you-need-to-know/

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CONTRIBUTE TO THE SOLIDARITY FUND

The purpose and mandate of the Solidarity Fund, announced by President Cyril Ramaphosa, is to mobilise and coordinate efforts and resources from all South Africans and the international community to assist the most vulnerable South Africans to deal with the impact of Covid19 and the consequences of measures intended to slow its rate of infection.

Details on how to donate are available on the Fund’s website www.solidarityfund.co.za