Webinar 7, of this webinar series, will be dedicated towards a discussion of a tax regime post COVID-19. Once the COVID-19 pandemic has been contained, certain important questions need to be raised:
What incentives will government introduce to prevent COVID-20? Unless dramatic measures are taken to prevent uncontrolled spread of viruses, regular lockdowns may become a “way of life?”. Tax breaks and other incentives should be considered for activities designed to reduce the risk of future outbreaks. These may vary from personal screening devices to preventative measures taken at large gatherings.
Will COVID-19 cause a long-term reduction in social interaction and cause an accelerated reliance on the digital economy? How will this impact the tax regime where the source of income and places of supply are even more blurred?
What is the future of the VAT system, the PAYE system and the Income Tax System in a world where persons may become more and more isolated and economic activity is digital and not physical?
In addition to this the broader economic impact of Covid-19 will be unpacked in more detail, based on the article presented by Lullu “Impact of trade-disrupting COVID-19 on South African Business”