The Employment Tax Incentive and the Learnership Tax Incentive were under review within recent months and on Friday 9th December, the South African government extended the Learnership Tax Incentive for five years, and the Employment Tax Incentive for two years. What’s more, the R20 million cap was removed following some concerns about “higher levels of potential employment.”
As you know, the Employment Tax Incentive is in place to encourage employers to hire inexperienced youth by reducing the cost of hiring such an individual. The Learnership Tax Incentive encourages skills development. In the upcoming weeks, we here at i-Fundi will take a closer look at these two tax incentives to see the financial benefits they hold for your company when you implement learnerships.
If you would like to know more about the Employment Tax Incentive and the Learnership Tax Incentive and how these can help your business to fund learnerships, get in touch with us by filling out the form on our Contact Us page or call us direct at 011 290 5900.