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July 2020

2020 Tax Season – What You Need to Know

On the 5 May 2020 the South African Revenue Service (“SARS”) Commissioner, Edward Kieswetter, held a media brief in which fundamental changes were announced to the 2020 tax filing season in relation to personal income tax. To see the full media release, please click here.Kieswetter stated “more than ever before, we need taxpayers to remain compliant!” and as such SARS have designed a three-phase approach for the filing season commencing in April 2020 and ending in January 2021. According to SARS the different phases will ensure a “seamless filing season”.

UIF TERS Extended To 15 August 2020

Earlier today the Minister of the Department of Employment and Labour (“DEL”) announced that applications for the Temporary Employee/Employer Relief Scheme (“TERS”), operated by the Unemployment Insurance Fund (“UIF”), will be extended until 15 August 2020.

UIF TERS Open for June Applications

As part of the government’s response to the negative economic impact of the COVID-19 Lockdown, the Unemployment Insurance Fund (“UIF”) has been managing the processing and payment of claims submitted in relation to the Temporary Employer/Employee Relief Scheme (“TERS”).The total payments made to employers/employees, as confirmed by the Department of Employment and Labour up to and including the 19th of June 2020 is close to R 24 billion - R 6 billion of which solely relates to the month of May.

Lockdown Level 3 and TERS Updates

On the 12th of July 2020, the President announced further amendments to the Lockdown Level 3 Regulations in terms of the Disaster Management Act No. 57 of 2002. These amendments have been made in the wake of an exponential increase in positive COVID-19 test results throughout South Africa, specifically the Western Cape, Eastern Cape and Gauteng.

COVID-19 Related Rent Concessions

IFRS 16 Leases contains requirements that specify the accounting for changes in lease payments, including rent concessions, where entities are required to assess whether such rent concessions are lease modifications.