Advising businesses to continue to send in tax returns on time, even where payment is not immediately possible.
Suspending all debt enforcement action until further notice, and suspending interest on late payment charges for both SME’s (automatically) and larger businesses (on request).
Covid-19 related VAT and Payroll tax debts, due from March 1, 2020 to the date when sectoral restrictions are lifted, will be parked for a period of 12 months.
No interest will accrue on the tax debts during the 12 month period. Thereafter, the Covid-19 related tax debts will carry a reduced interest rate of 3% (down from 10%), until the debt is paid. The timeframe allowed to pay the ‘warehoused’ debt will be flexible and determined by the ability of the business to pay both Covid-19 related debts as well meeting its ongoing tax liabilities as they arise in the normal course,