Updates – UIF, BEE, SARS And Cyber Crime
Canned: The UIF Tax Holiday
In his February Budget speech, the Minister of Finance announced a one year reduction in UIF (Unemployment Insurance Fund) payments from a monthly maximum of R148.92 individual deduction to R10 per individual. This was to reduce the R72 billion surplus sitting in the fund. This would have put R15 billion back into consumers’ and businesses’ pockets (the employer matches the individual’s contribution to UIF).
The proposal has been withdrawn, at least for the moment, “to allow more time for consultation”.
This is a pity as a UIF tax holiday would have helped counteract the impact of the income tax increase also announced in the February speech.