The Government has introduced a scheme that allows you to postpone payment of the taxes presented below – and thereby providing you with liquidity to manage you cash flow in this difficult time. THE SCHEME CLOSES THIS WEDNESDAY – 15TH APRIL 2020. MAKE SURE THAT YOU APPLY IF YOU BELIEVE YOU SHOULD BENEFIT FROM IT.
The following are details of the Scheme:
The eligible taxes are
Provisional tax, Employee taxes, maternity fund payments and social security contributions, social security contributions of self-employed persons and Value Added Tax
Eligible taxes which fall due in March and April 2020
Eligible taxes (excluding Vat) to be settled in four equal monthly instalments in the four month period between May and August 2020. VAT dues to be settled in two equal instalments with the two quarterly returns immediately following the quarter whose dues would have been deferred
No interest or penalties to be charged in respect of eligible taxes that would have been deferred in terms of this scheme
Companies and self-employed persons that suffer a significant downturn in their turnover as a result of the economic constraints arising from the coronavirus pandemic
Significant downturn in turnover
Defined to mean a drop of circa 25% or more in sales registered
Companies and self-employed persons which have failed to comply with their tax obligations (submission of documents / returns and payments) falling due by the 31st December 2019.