SARS has published relevant information for all SMEs that would like to benefit from the announced PAYE tax relief, as well as instructions that must be followed for a successful qualification.
The South African Revenue Service (SARS) announced that qualifying companies have been given the PAYE for the three month period from August to October. On Thursday, August 19, 2021, SARS published all the relevant information on the immediate tax relief measures for small, medium-sized and micro-enterprises (SMEs) and others.
SARS confirmed that tax-compliant companies with gross incomes of up to R100 million will be allowed to defer 35 percent of their PAYE liabilities for the next three months without penalties or interest. The first postponement can be requested in EMP201 feedback for August and is due by Tuesday, September 7, 2021.
In order to claim relief for PAYE, companies must fill out their EMP201 forms with full PAYE liability, as the form calculates 100 percent of the PAYE to be paid. Thereafter, the total amount to be paid of 65 percent of the PAYE liability plus the qualification promotion tax plus the unemployment insurance fund to be paid must be calculated. SARS will then issue a bank statement listing the tax relief for PAYE and the total amount to be paid. Default in payment leads to the forfeiture of the relief benefits.
See the post below.
PAYE tax exemption period
The tax relief for PAYE is available to qualified companies for the three-month period from August 1, 2021 to October 31, 2021. The first postponement can be requested in your EMP201 declaration of August 2021, which is due by September 7, 2021 … https: //t.co / JdmVgv8Kk7 pic.twitter.com/0qlAkftgC2
– SA Revenue Service (@sarstax) August 19, 2021
Good luck Lakaje