On 23 March 2020, the President of South Africa, Cyril Ramaphosa, issued a statement on the “Escalation of Measures to Combat COVID-19.”
In this statement, the President announced a set of measures aimed at providing relief through the tax system for businesses in distress with specific focus on small and medium sized businesses (turnover of less than R50 million (around US$3 million per annum).
Further guidance around these measures was provided on 29 March 2020 when National Treasury and the South Africa Revenue Services (SARS) published draft explanatory notes on COVID-19 tax measures. The measures will take effect from 1 April 2020 and are summarized in the linked Tax Alert.
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