Tag: temporary tax relief
Clearer guidance on tax relief for future expenditure obligations
The Constitutional Court clarified that businesses registered as taxpayers would benefit from temporary tax relief when claiming future costs from current income received under contracts that are inextricably linked. The Future Expenditure Tax Allowance essentially grants a business temporary relief by reducing its tax payable to SARS if the income received upfront will be wholly or partially used to fund future costs.
COVID-19 tax interventions
Employee quarantines, reduced demand, disrupted operations and restricted movements are just a few of the challenges faced by business during the Covid-19 pandemic.
