South Africa's treasury announces tax relief for business hit by coronavirus

JOHANNESBURG, March 29 (Reuters) – South Africa’s National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month to employers for the next four months to cushion financial losses suffered by firms due to the coronavirus.

In a statement the treasury said it would also permit businesses with revenue of 50 million rand or less to delay paying 20% of their employees’ tax liabilities over the next four months.

The measures would take effect on April 1, the treasury said in a statement. ($1 = 17.6250 rand) (Reporting by Mfuneko Toyana, editing by Louise Heavens)

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