Unlocking Tax, Funding & Legal Relief for Businesses
Over and above the fiscal relief announced on Tuesday evening, the private sector including benefactors such as the Oppenheimers, Patrice Motsepe, Johan Rupert, have committed in excess of R6 billion towards the establishment of various Covid-19 relief funds for South African Businesses.
Fiscal incentives and funds are being established thick and fast- We unravel the headline legal criteria and terms in the table below.
Various assurances have been made that the focus of relief, will be on the remedying the effect of Covid-19 and not on B-BBEEE, other than where specified.
It goes without saying that applicants must be SARS registered and compliant. Business with an accounting department or bookkeeper should be able to apply for some of the basic tax incentives. Others, however, require a greater level of fiscal expertise to ensure optimisation as well as ancillary benefits, while avoiding double- or even triple-dipping in some instances.
TERS is one such incentive, as a business cannot expect employees to wait productively for reimbursement. Alternative legal arrangements are therefore required to be put in place to ensure staff productivity and retention- which we have developed for our clients since the introduction of TERS, taking other incentives into account as and when announced.
Early-mover-advantage is vital as many of the incentives and funds are capped.
We are also assisting qualifying applicants lacking the above skills and facing liquidation or business rescue, owing to the present circumstances pro bono and others on risk, in so far as our resources and the funds allow.
Virtually all business qualify in some or other way and should you require assistance and/or more information, email us before its too late!
~ The KWP Tax Team[table id=2 /]
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