New Employee Tax Incentive Program

What is the New Employee Tax Incentive Program from SARS all about?

The aim of the program: To encourage employers to hire young (between the ages of 18 – 29) work seekers. The employer can claim ETI (Employer Tax Incentive) and this will reduce the amount of PAYE (Pay As You Earn) due by the employer.

The program will run for the following two years and applies to newly employed people employed AFTER 1 October 2013.

The qualifying Employee must:

• Be in possession of a South African ID or in possession of an asylum seeker permit
• Be not less than 18 years and not older than 29 years
• NOT be a domestic worker
• Not be connected or related to the employer
• Earn at least a minimum wage of R 2000 and not more than R 6000 per month

The qualifying Employer must:

• Be registered for PAYE 

• Not be in the national, provincial or local sphere of government

• Not be a public or municipal entity

B Square Financial offer Business Boot Camp Seminars to the public and various training seminars for accounting professionals. They also consult on company tax matters, offer BEE Verification services and support small businesses on financial matters.

Contact Martin or Suzette to discuss your business needs: 0325254079