The Disaster Management Tax Relief Bill, published by National Treasury on 1 April 2020 for public comment, proposes a number of amendments to provide for Covid-19 tax relief, for retrospective enactment when Parliament re-convenes later this year.
The provisions set out in the Disaster Management Tax Relief Bill will cease to apply to the Covid-19 disaster relief fund at the end of the period of four months. Where the disaster relief fund has not been dissolved and its assets have not been distributed on or before 31 July 2020, the Disaster Management Tax Relief Bill will deem the PBO to be a small business funding entity as contemplated in section 30C of the Income Tax Act.