Section 179 of the Tax Administration Act, 2011 allows SARS to issue a notice to a person who holds or owes money, including a pension, salary, wage or other remuneration, for or to a taxpayer, requiring the person to pay the money to SARS in satisfaction of the taxpayer’s outstanding tax debt.
The impact of COVID-19 and the lockdown has severely squeezed business cash flows. Surviving the shock is challenging the resilience of enterprises and executives alike. How management adapts will test their agility and resourcefulness. If not enough is done, the very survival of the business will be at stake.
National Treasury has published another draft bill to formalise the tax relief measures available in response to the devastating covid-19 pandemic. It is hoped this will clarify uncertainty and offer some relief during these tough times.
In an address presented by President Cyril Ramaphosa on 21 April 2020, he noted that Government has recognised the significant negative repercussions that the national lockdown is having on our economy, both to businesses and to households across the country. The address also highlighted further tax measures to be implemented as additional relief measures.
Following President Cyril Ramaphosa’s announcement of fiscal relief for certain taxpayers, in light of other measures imposed to combat the COVID-19 crisis, National Treasury published explanatory notes on 29 March 2020, which outline exactly how the tax system will be used to ease financial distress during these times.