Government has announced that the Employment Tax Incentive Act will take effect in January next year.
In its statement, National Treasury says 'government recognises that no one tool or incentive will be a panacea to solve our unemployment problem; however, the tax incentive has the potential to make a real contribution towards the creation of new and additional jobs.'
Here are the implications of the Employment Tax Incentive Bill
National Treasury also announced that in early 2014 SARS will publish on its website (www.sars.gov.za) documentation that'll provide further details to assist you in both understanding how the employment tax incentive will work and how you can claim the incentive in practice.
'People can contact SARS and will be guided as to what they need to do on their monthly payroll submissions. Basically, if you employ young people within designated age groups you will qualify for tax benefits,' said SARS' Adrian Lackay in an Eye Witness News report.
As always, we'll keep you updated on the employment tax incentive bill so you can comply if you qualify.
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