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<p>As Nigeria&#8217;s searches for ways to improve non-oil revenues, a director from the Economic Community of West Africa States has urged Nigeria to explore the option of raising Value Added Taxes on luxury items. Nnamdi Nwizu, Co-Managing Partner at Comercio Partners joins CNBC Africa for more.</p>


ECOWAS urges Nigeria to explore raising VAT on luxury goods


<p>By Piet Mouton, CEO of PSG and it board </p>



<p>We would like to make the following points on Covid-19 –<br>Firstly, please note that these are the current thoughts of the PSG Group Board. Even though we have read numerous articles, have listened to experts from both sides, are constantly thinking about the consequences of the pandemic and obtain input from all those around us, none of us have a medical background. We are also aware of the fact that the President may address certain or all of our concerns this evening.<br><br>PSG Group is a company that employs more than 20,000 people throughout various industries within our group. We pay salaries, we pay taxes and we have contributed positively to our economy for the past 25 years. We as PSG Group lie awake at night as we have a major responsibility to all our employees and their families, to our clients, our suppliers, our bankers, our Government and ultimately to the people of our country. To remain quiet during this crisis is unfortunately no longer an option for us and silence will certainly not be of benefit to anyone.</p>



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<p><br>We must start by congratulating President Ramaphosa and his cabinet on the quick and decisive way in which they acted to address the pandemic. It is great to see that our leadership and country can act swiftly and with purpose. That we can stand together to achieve a common goal. We understand from various medical opinions published in the media, that we have potentially bought enough time to be as ready as one can be to face what may come. Mr. President, whatever we say hereafter is not to criticize your administration or question your actions. You are between a rock and a hard place and we do not envy your position. It is not an easy task to balance different concerns.<br><br>But here is the issue as we see it – the lockdown and especially the potential extension or failure to adequately relax restrictions are causing severe damage to what is left of our fragile economy. The longer it takes to come out of the lockdown, the worse it will be going forward for every citizen of South Africa. Alternatively, if we have a system whereby we move in and out of lockdown depending on the number of infections, this too will have a similar disastrous effect. The only option is a continued lockdown of the elderly and frail until the virus is contained or a vaccine becomes available, while the economy operates as close to normal as possible.<br><br>Please understand us correctly – we are NOT arguing economy over lives. BUT the truth is that lives are inextricably linked to the economy. Our survival and wellbeing depend on whether and how quickly our economy recovers.<br>Our economy is struggling, and we are running at a significant budget deficit with already worrying levels of debt, high unemployment and struggling parastatals. We do not have the means to provide meaningful relief packages on a sustainable basis without further loading the debt burden to such an extent that we may never be able to repay it, or struggle to do so. South Africa has recently been downgraded to junk status and has been assigned a negative outlook – so any new debt will become even more expensive. We entered this Covid-19 war already wounded.<br><br>Government’s primary source of income to address the pandemic, drive relief and provide stimuli for economic growth is one of the things that is under attack…namely tax collection. More than 80% of tax revenue is derived from personal tax, corporate tax and VAT.<br><br>Many businesses earn no revenue at the moment, while others do very little:<br>o As a result, significant less VAT and corporate tax will be collected: o Businesses have stopped paying their rent and other suppliers as they simply cannot afford to – resulting in a very negative economic spiral and ever-decreasing VAT and income tax revenue. <br>o As far as individuals are concerned, they too have stopped paying rent, servicing debt and consumer spending is down significantly as a result of the lockdown. Again, less economic activity means less VAT. &#8211; We can expect most companies that survive the lockdown to make significantly lower profits, if any, for the year – so very little corporate tax will be collected. Similarly, tax losses will also have a negative impact on future year tax revenue for Government. &#8211; According to Stats SA, 42% of formal sector business surveyed fear they will not have the financial resources to survive and 85% have already seen a decline in revenue. <br>o There will be significant job losses – which translates to the loss of personal tax revenue, loss of spending power for the individual and an increase in Government grants to be paid. <br>o Most of our SMEs do not have surplus reserves – many of them will close forever with a consequent loss of jobs and tax. Relief funds may assist a few, but most will unfortunately not make it. <br>o The decrease in interest rates is understandable given the state of the economy, but it will not be enough to assist most SMEs and will do very little for the man in the street – and again tax collections will suffer.<br><br>It is therefore clear to us that Government will experience a significant decline in tax revenue resulting in the already noteworthy budget deficit widening even further. We must ask ourselves realistically – where is the money going to come from to revigorate the economy and pay for an ever-increasing social bill? Less people will be able to contribute to the South African treasury and far more will become utterly dependent on it. Yes, the Solidarity Fund, to which we also contribute, is a worthy initiative to assist but may not be enough. According to a recent study, the economy is losing R13bn per day during the lockdown, and we will still lose billions even if we partially open or totally open up the economy. On Tuesday evening, President Ramaphosa announced a R500bn economic support package representing 10% of South Africa’s GDP. This will comprise various measures and will seemingly be funded by the likes of the World Bank, the IMF and the BRICS Development Bank, as well as the reallocation of previously set budgets and the utilization of UIF reserves. Although an admirable effort, realistically we need to be clear it will in the end mainly be a relief intervention directed towards preventing a fullblown humanitarian disaster rather than an economic stimulus. Again, a further increase in debt of this magnitude will unfortunately have dire long-term consequences for our economy and our country.</p>



<p>We understand that COVID-19 will be part of our reality for the foreseeable future. In the President’s announcement on Tuesday, he hinted at a phased relaxation of the lockdown restrictions of which the details will only be announced later today. We don’t want to deter from the President’s message, but we are trying to convey a reality as we see it and to emphasize that South Africa cannot afford to long or to slowly to revert normal activities.<br><br>My father, who I greatly admire, taught me that you cannot just sit back and complain if you don’t have a better solution. Furthermore, it is of no use that I nod my head to everything proposed by Government, but behind closed doors differ as so many people in the business community do. No one wants to make unpopular statements and become a target on social media for those who will later also be the first to claim what should have been done. This has never been our style.<br><br>We therefore publicly request Government to carefully consider the extent of further restrictions and the urgency to return to economic activity. We believe South Africa should act much faster in lifting restrictions to rejuvenate the economy. We agree with scientists that we should protect the elderly and those with compromised immunity with continued isolation protocols in place for them. We too have elderly loved ones, as well as friends who suffer from cancer and other diseases that make them especially vulnerable – and we want them protected. The rest of us, however, need to get back to work. We agree with Government that a lot more testing should be done as we move forward. Further, we need to understand that in the absence of any vaccine for the disease in the short to medium term, we need to obtain herd immunity sooner rather than later.<br><br>We acknowledge that this means more people will be infected and that some may become very ill. There will undoubtedly be a cost of lives, but we’re afraid that if we are bluntly honest with one another we are heading for an immense cost of lives in any event. If not from Covid-19, from starvation, social unrest, crime and a myriad of other chronic diseases which will follow. The fabric of our society will also be severely affected and damaged – polarization of people will be driven to the extreme. Just one example where it is very evident, is the closing of schools – those with digital means can home school to some extent while the poor are again left behind and exposed – and an educated youth is our future. The consequences are severe no matter which way we argue it.<br><br>Please do not consider our abbreviated opinion as being heartless – it is exactly because we care about the well-being and the future of our citizens, our children, your children and our country which we all love that we’re speaking up. It will not help if we sugar coat our message today to appease a specific group or endear ourselves to the popular view. We need to be honest about what lies ahead if we want to win the war – not just against Covid-19, but against the hardship that will follow. We are a South African company heavily invested in South Africa. We continue to invest our shareholders’ money, to support Government efforts, to create jobs and to assist in growing the economy for the benefit of all stakeholders. In theory and on paper one can therefor plan a release of restrictions over several months, but in practice, given the state of our economy, we unfortunately do not have the luxury of time to do so.<br><br>South Africans are resilient, entrepreneurial and hard-working human beings. Together with Government we can overcome Covid-19, we can get our economy going again, we can lessen the impact of future hardship and the future cost of lives… BUT we need to act faster to relax restrictions and reignite our economy on which all of our lives ultimately depend</p>



<p></p>


Piet Mouton 1

PSG CEO Piet Mouton’s impassioned plea to SA’s President: act faster in lifting restrictions to rejuvenate the economy


<p><strong>By Piet Nel, SAICA
Project Director, Tax. </strong></p>



<p><strong>Johannesburg, 30 March 2020 – </strong>The President of South Africa, Mr
Cyril Ramaphosa, recently announced a 21-day lockdown period from midnight on
Thursday, 26 March until midnight on Thursday, 16 April 2020 due to the
COVID-19 pandemic. </p>



<p>The COVID-19
lockdown currently in place will have an impact on tax-related matters.&nbsp;
This includes contact with the South African Revenue Services (SARS), returns
and payments due to SARS, as well as disputes.&nbsp; It also has an impact on
employers and their employees.&nbsp; Whilst a lot of information was available
at the time of writing of this article, it is expected that more information
will be made available over the next couple of days.&nbsp; The following is
based on information that was available on 29 March 2020: </p>



<p><strong>Contact
with SARS during the period </strong></p>



<p>SARS advised
taxpayers and tax practitioners to use the online channels such as eFiling, the
SARS MobiApp and e@syFile to interact with SARS.&nbsp; SARS has provided
dedicated email addresses for this purpose on their website.&nbsp; </p>



<p>It is
envisaged that visits to SARS offices are possible, but an appointment must be
made on the SARS website.&nbsp; Please remember the lockdown restrictions that
are in place when you are travelling to a SARS branch.&nbsp; Remember that
accountants and tax practitioners are not seen as the providers of essential
services.&nbsp; Special rules relating to Customs and border posts were made
available by SARS.&nbsp; </p>



<p><strong>Submission
of returns&nbsp; </strong></p>



<p>There is no
relief for the submission of tax returns.&nbsp; Taxpayers must therefore ensure
that returns are submitted on or before the due dates.&nbsp;&nbsp;&nbsp; </p>



<p><strong>Disputes </strong></p>



<p>According to a
notice from the Chairperson: Customs and Excise National Appeals, the days
during the period 27 March 2020 to 16 April 2020 will not be taken into account
in determining days or period for purposes of an appeal under the Customs
Act.&nbsp; </p>



<p>SARS has not
given a similar notice for objections and appeals under the other tax
Acts.&nbsp; Where a taxpayer is unable to comply with a prescribed period
during which steps in the dispute process must be instituted due to the
lockdown, it would constitute exceptional circumstances.&nbsp; </p>



<p><strong>Payments </strong></p>



<p><strong>Tax debt:</strong></p>



<p>There is no
relief for the payment of assessed taxes and payment must be made on the due
date.&nbsp; In fact, SARS said that this is a critical period for SARS in terms
of revenue collections and now, more than ever, the country requires everyone
to pay their fair share.&nbsp; SARS requested that payments are made on time
and that COVID-19 uncertainty is not used as a reason for non-payment.&nbsp;
SARS may well continue with their collection procedures of tax debt.&nbsp; </p>



<p>Where a
taxpayer is unable to make the payment, or can only do so partially, a request
for a deferred arrangement during the lockdown period must be sent to the
dedicated email addresses made available by SARS.&nbsp; </p>



<p><strong>Other
taxes:</strong></p>



<p>In line with
the announcement by the President, SARS and National Treasury confirmed that
effective 1 April 2020, tax compliant businesses with a turnover of less than
R50 million will be allowed to delay paying a portion of their amounts due to
SARS.&nbsp; The details are as follows: </p>



<p><strong>Employees’
tax</strong></p>



<p>With respect
to pay-as-you-earn (PAYE) liabilities, tax compliant business with a turnover
of less than R50 million can delay 20% thereof for a limited period of four
months, beginning 1 April 2020 and ending on 31 July 2020.&nbsp; The deferred
PAYE liability must be paid to SARS in equal instalments over the six-month
period commencing on 1 August 2020, i.e. the first payment must be made on 7
September 2020.&nbsp; There is no relief for the March payment due on 7 April
2020.&nbsp; </p>



<p><strong>Provisional
tax: </strong></p>



<p>Tax compliant
small- to medium-sized businesses will also be allowed to defer of a portion of
the payment of the first and second provisional tax liability to SARS, for a
period of twelve months, beginning 1 April 2020 and ending on 31 March 2021,
without SARS imposing administrative penalties and interest for the late
payment of the deferred amount.&nbsp; This means that the payment due 31 March
2020 must be made in full.&nbsp; </p>



<p>The first
provisional tax payment due from 1 April 2020 to 30 September 2020 will be
based on 15% of the estimated total tax liability, while the second provisional
tax payment from 1 April 2020 to 31 March 2021 will be based on 65% of the
estimated total tax liability.&nbsp; Provisional taxpayers with deferred
payments will be required to pay the full tax liability when making the third
provisional tax payment in order to avoid interest charges.&nbsp; </p>



<p>The proposed
amendments are deemed to have come into operation on 1 April 2020 and apply to
first provisional tax periods ending on or after 1 April 2020 but before 1
October 2020 and to second provisional tax periods ending on or after 1 April
2020 but before 1 April 2021.&nbsp; </p>



<p><strong>Employment
Tax Incentive (ETI): </strong></p>



<p>For the period
of four months, beginning 1 April 2020 and ending on 31 July 2020:</p>



<ul><li>The maximum amount of ETI claimable during this four-month period for      employees eligible will be increased from R1 000 to R1 500 in the first      qualifying twelve months and from R500 to R1 000 in the second twelve      qualifying months.  </li><li>Allowing a monthly ETI claim in the amount of R500 during this four-month period for employees from the ages of: <ul><li>18 to 29 who are no longer eligible for the ETI as the employer has claimed ETI in respect of those employees for 24 months; and </li><li>30 to 65 who are not eligible for the ETI due to their age.  </li></ul></li><li>Accelerating the payment of employment tax incentive reimbursements from twice a year to monthly as a means of getting cash into the hands of tax compliant employers as soon as possible.</li></ul>



<p>This will,
however, only apply to employers that were registered with SARS as at 1 March
2020. Further to the above, the current compliance requirements for employers
under sections 8 and 10(4) of the ETI Act will continue to
apply.&nbsp;&nbsp;&nbsp; </p>



<p><strong>Unemployment
Insurance </strong></p>



<p>The President
also said that government is exploring the temporary reduction of employer and
employee contributions to the Unemployment Insurance Fund and employer
contributions to the Skill Development Fund.&nbsp; The Unemployment Insurance
Commissioner has developed a Corona Virus Tem­porary
Employer-Employee Relief Scheme (COVID19TERS) to contribute to the containment
of the Coronavirus and its impact.</p>



<p>In terms of
the Temporary Employer/Employee Relief Scheme (TERS) process, the UIF may fund
the distressed companies directly in relation to the TERS Allowance. The
benefits paid will be capped at a 38% to 60% of the maximum of R17 712 per
month and the employee will be paid in terms of the income replacement rate
sliding scale as provided in the Unemployment Insurance Act.&nbsp; The minimum
that will be paid will be a replacement income equal to minimum wage of the
sector concerned.&nbsp; </p>



<p>Where an
employer, as a direct result from the current COVID-19 pandemic, decided to
close their business for a period and send employees home, this would
constitute a temporary lay-off. If the employer cannot pay his employees for
this period, the employer can apply for the “National Disaster Benefit” from
the UIF.&nbsp; </p>



<p>Where an
employee has been quarantined for 14 days or longer, the Illness Benefit will
apply.&nbsp; Existing benefits for illness and unemployment will kick in if no
leave is granted.&nbsp; </p>



<p>Should a UIF
contributor pass on from COVID-19, death benefits will be paid to the
beneficiaries of the deceased.&nbsp; </p>



<p>Employers
should apply by reporting their closure to the email address: <a href="mailto:Covid19ters@labour.gov.za">Covid19ters@labour.gov.za</a>.&nbsp; </p>



<p><strong>Value-Added
Tax</strong></p>



<p>SARS announced
that, due to the measures put in place under the Disaster Management Act 57 of
2002, “<strong>essential goods</strong>” as defined in Regulation R.398 in Government
Gazette No 43148 of 25 March 2020 will be subject to a VAT exemption and a full
rebate of customs duties during the COVID-19 pandemic.&nbsp; </p>



<p>The
VAT-rulings department at SARS announced that work on rulings in progress will
be delayed. Any correspondence, including new ruling applications submitted to
SARS from 27 March 2020, will be acknowledged or responded to once the
aforementioned measures have been relaxed or ended.</p>



<p><strong>Conclusion </strong></p>



<p>Employers,
employees, taxpayers and tax practitioners are advised to regularly check the
SARS website for updates on the issues.&nbsp; SARS indicated that it would make
information available to recognised professional bodies to be communicated to
tax practitioners.&nbsp; </p>



<p>[End]</p>



<p><strong>About SAICA</strong></p>



<p>The South African Institute of Chartered Accountants (SAICA), South
Africa’s pre-eminent accountancy body, is widely recognised as one of the
world’s leading accounting institutes. The Institute provides a wide range of
support services to more than 50 000 members and associates who are chartered
accountants [CAs(SA)], as well as AGAs(SA) and ATs(SA), who hold positions as
CEOs, MDs, board directors, business owners, chief financial officers, auditors
and leaders in every sphere of commerce and industry, and who play a
significant role in the nation’s highly dynamic business sector and economic
development.</p>



<p><strong>SAICA Media Contact</strong></p>



<p>Kulani
Chauke</p>



<p>Communication
Coordinator: Corporate</p>



<p>SAICA Brand
Division </p>



<p>011 479 0698</p>



<p><a href="mailto:kulanic@saica.co.za">kulanic@saica.co.za</a></p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


The impact of COVID-19 lockdown on tax and unemployment related matters

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<p>Nigerians will start paying a new 7.5 per cent Value Added Tax (VAT) on products as part of over 90 changes to 7 tax laws as the newly signed Finance Bill becomes law. Meanwhile, as Nigeria’s Economic Recovery Growth Plan winds down this year, local papers say a new plan is underway. Nonso Obikili, Director of Turgot Centre for Economics and Policy Research joins CNBC Africa from Abuja for more.</p>


Nigeria’s new Finance Bill: What you need to know

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<p>Nigeria&#8217;s government has proposed to raise the country&#8217;s value-added tax (VAT) to 7.2 from 5 per cent next year. To discuss the wider implications of this move, Group Managing Director and CEO of Zedcrest Capital, Dayo Amzat joins CNBC Africa for more.</p>


Nigeria rolls out its proposed target of 7.5 trillion naira revenue plan for 2020

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<p>Stockbrokers will now charge 5 per cent VAT on transactions on the Nigerian Stock Exchange (NSE) as the five-year Order for Exemption of VAT on all NSE transactions expires. So what are the implications? CNBC Africa’s Christy Cole is joined by Managing Director of Capital Bancorp, Aigboje Higo, partner &#038; West Africa Tax leader at PwC Nigeria, Taiwo Oyedele, Executive Chairman of FIRS, Babatunde Fowler and Chief Equity Analyst of Palesa Capital, Nornah Awoh for more.</p>


NSE to re-introduce 5% VAT on transactions as waiver expires

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<p>Moody’s is the only ratings agency to still have South Africa above junk status. Will it change its mind after Wednesday’s Budget? CNBC Africa spoke to Lucie Villa, Moody’s Lead Sovereign Analyst for South Africa to find out.</p>


Exclusive: Moody’s reacts to SA’s #Budget2019

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<p>Top rated economist Gina Schoeman from Citi Global Markets rates the Budget 2019 speech that happened yesterday.</p>


Top rated economist Gina Schoeman rates fimin Mboweni’s #2019budgetspeech

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<p>Eskom maybe getting a bailout but the risk of load shedding remains. An alternative in renewable energy could be available; CNBC Africa’s Kopano Gumbi is out in Johannesburg with Tim Frankish of SolarSaver, a solar energy company hoping to offer solutions.</p>


This solar energy company is cashing in on Eskom’s woes

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<p>Struggling power utility Eskom is set to receive a R69 billion bailout over three next years, Joining CNBC Africa for a discussion on this is Chris Yelland MD, EE Publishers and Marubini Raphulu CEO, Huisman.</p>


#Budget2019: Fimin Mboweni sets aside R69bn for Eskom over the next 3 years

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<p>Discussing the thought processes behind the 2019 Budget in the best interests of the economy, business and the ordinary South African, is Deputy Minister of Finance Mondli Gungubele, who spoke to CNBC Africa’ Fifi Peters from his office in Cape Town. Topics include the headline numbers, SOEs, unemployment, interest rates, and proposals as to what can sustain the country.</p>


Mondli Gungubele: How to look at fimin Mboweni’s #2019budgetspeech

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<p>With the Rand falling to R14.36 at the start of Minister Tito Mboweni’s Budget Speech and then moving back into positive territory, Rashaad Tayob, Fund Manager at Abax Investments, joined Godfrey Mutizwa to talk about the reaction of the bond and currency markets to the poor headline numbers of the Budget.</p>


Markets react to fimin Mboweni’s #2019budgetspeech

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<p>This year’s budget is less about “give me some more” and more about “let’s transform the business to be more accountable” SAA’s CEO Vuyani Jarana told CNBC Africa’s Fifi Peters outside parliament today. He added that although there was no express allocation for SAA, the Budget did provide a framework to address the challenge of transforming SOEs.</p>


SAA’s Vuyani Jarana on key takeaways from #Budget2019

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<p>Under the circumstances, Cas Coovadia, Managing Director of the Banking Association of South Africa, was happy with the Budget Speech today. He told CNBC Africa’s Fifi Peters it was important to put conditions for the utilisation of funds for SEOs, and to make public the details of the Presidential Task Team’s recommendations and how Eskom will be broken up into three, and how the funding will be linked to that. He also gave his opinion of the Budget as a whole and a potential ratings downgrade.</p>


Did fimin Mboweni do enough to avoid ratings downgrade?

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<p>With South Africa’s debt-to-GDP ratio increasing and breaching its fiscal deficit ceiling will Moody’s downgrade it to junk? Lesetja Kganyago, Governor of the South African Reserve Bank explained what a downgrade to junk would mean.</p>


#Budget2019: What a Moody’s downgrade will mean for SA

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<p>Deloitte Southern Africa CEO Lwazi Bam gives his views on the 2019 budget speech with a focus on State Owned Enterprises and rebuilding trust in the auditing profession.</p>


Deloitte’s Lwazi Bam on rebuilding trust in the auditing profession

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<p>Goldman Sachs CEO Colin Coleman shares his views on fimin Mboweni’s 2019 budget speech.</p>


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ECOWAS urges Nigeria to explore raising VAT on luxury goods

PSG CEO Piet Mouton’s impassioned plea to SA’s President: act faster in lifting restrictions to rejuvenate the economy

The impact of COVID-19 lockdown on tax and unemployment related matters

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Exclusive: Moody’s reacts to SA’s #Budget2019

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