There are many advantages to upskilling your workforce. By investing in training, employers can bridge critical skills gaps while retaining employees, and enhance access to further education for promising yet financially constrained students. In an effort to support skills development and job creation, SARS also offers ‘study’ incentives or tax breaks to businesses wanting to upskill their employees.

South Africans are becoming used to hearing bad news in terms of our pockets on the 2nd Wednesday afternoon in February. Sadly, we don’t expect anything particularly different this year.

Given that South Africa, as a country, is still struggling financially and the gap between the earnings of the poorest and the “well-to-do do’s” does not seem to be shrinking, we can be confident that there will be more innovative taxes included in what is tabled.

Background

With finances becoming increasingly under pressure, business needs to identify ways in which the same income can be stretched further. Luckily, the South African tax system allows this, while potentially benefiting staff.

The background to this is that any bona fide scholarship or bursary granted to enable or assist a person to study at a recognised institution is exempt from normal tax.

The Da Vinci TT100 Business Innovation Awards Programme is South Africa’s foremost business Awards programme.
TT100 has been recognising innovation and technological prowess in South Africa companies for more than 25 years.
TT100 offers companies the opportunity to measure their achievements against the best in the country and to showcase their exciting technological initiatives to the nation regardless of the industries that they operate in.