Page 49 - Nexia Cape Town 2018 TG Digital

SUNDRY TAXES

Securities Transfer Tax
The tax is imposed at a rate of 0�25% on the transfer of listed or unlisted
securities� No tax is payable on the original issue of shares� Securities consist of
shares in companies or member’s interests in close corporations�
Skills Development Levy
A Skills Development Levy is payable by employers at a rate of 1% of the total
remuneration paid to employees� Employers paying annual remuneration of less
than R500 000 are exempt from the payment of the levy�

Unemployment Insurance Fund Contributions
Unemployment Insurance Fund Contributions are payable monthly by employers
on the basis of a contribution of 1% by employers and 1% by employees, based
on employees’ remuneration below R17 712 per month�
Employers not registered for PAYE or SDL purposes must pay the contributions to
the Unemployment Insurance Commissioner�

EMPLOYMENT TAX INCENTIVE

The employment tax incentive was instituted in order to encourage employment
creation for the youth (i�e� employees between the ages of 18 and 29 years) and
the incentive will come to an end on 28 February 2019�
If an employer is eligible to receive the employment tax incentive in respect of
a qualifying employee in respect of a month, that employer may reduce the
employees’ tax payable by that employer with the amount of the incentive�
The main requirements to qualify for this incentive are as follows:
■ The taxpayer must be registered for the purposes of the withholding and
payment of employees’ tax
47