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News: Employment Tax Incentive to be assessed

by , 29 October 2015
According to an analytical piece on All Africa, the so-called 'mini tax budget', which the Finance Minister Nene gave this month in his Medium Term Budget Policy Statement, can't be ignored from a tax perspective.

This is because a number of the Finance Minister's comments on tax policy will affect businesses in the country. Specifically the Employment Tax Incentive.

Here's why...

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The Employment Tax Incentive Act (ETI Act) came into effect for all payroll periods as of the 1st of January 2014.

It's there to help you bear the cost of offering employment to unemployed youth in South Africa. It's also referred to as the youth wage subsidy.

But you can only benefit from the ETI Act if you have positions in place that can be taken up by individuals who meet the criteria for the ETI Act.

If you and your employees qualify, then you can reduce your monthly PAYE payments to SARS.

But due to the active debate around its impact, Nene has called for it to be thoroughly assessed, with a decision needing to be made before the end of its sunset clause, specifically 31st December 2016.

A sunset clause is one which ends after a certain date, unless it's amended with an extension.
 
*To learn more on the Employment Tax Incentive, subscribe to the Practical Tax Loose Leaf Service.
 
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