Mazars Messenger June 2020

In this issue:
1.) Covid-19: Post pandemic world – is your business ready
2.) Why treasury needs a brand new 2020/21 Budget
3.) Covid-19: On-demand skills – Financial services industry assistance to adapt
4.) B-BBEE made simple
5.) 5 Ways to harness sustainability amid Covid-19
6.) Talent management solutions: Using them to outperform your competitors in the context of digitalisation
7.) Tax Payer rights
8.) How can managers cope with the impact of Covid-19 on employees and the workplace?

Scroll below to view individual articles, or download the full edition in PDF. 

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Mazars Messenger June 2020

COVID-19: Post Pandemic World Is your Business ready?

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As I sit at my desk, contemplating inventing a product that would drown out the high pitched voice of my 8-year-old who frankly just doesn’t stop talking, a single word catches my eye and makes me reflect on this unique situation we all find ourselves engrossed with: Teamwork!

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Why treasury needs a brand new 2020/21 Budget

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The South Africa Revenue Services (SARS) has predicted that it would lose around 15 to 20% of its tax revenue this year as a result of the nationwide COVID-19 lockdown, and the responsibility of filling the gap will fall upon the South African taxpayers. However, the real question is whether there will be a large enough taxpayer base left at the end of the lockdown period to make a meaningful contribution to the South African Revenue Service’s (SARS) collection efforts by the end of the financial year.

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Covid-19: On-demand skills – Financial services industry assistance to adapt

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The ongoing COVID-19 pandemic has placed immense pressure on South Africa’s economy, which was already struggling to correct its underperformance for some years. Financial services institutions such as banks and insurers are particularly hard hit, meaning that containing operational costs will be crucial for this sector to remain competitive, and even thrive, in a post-COVID-19 economy.

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5 Ways to harness sustainability amid Covid-19

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As lockdown continues to loom in South Africa, Treasury estimates that up to 7 million people could lose their jobs and between 100 000 and 200 000 business will close their doors. Experts say that with the extended lockdown it’s no longer possible to accurately predict the fall out of the Covid-19 pandemic on business owners, but we can simply look at global trends to get an idea.

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Talent management solutions: Using them to outperform your competitors in the context of digitalisation

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One of the most important roles of leaders is to ensure the productivity of their teams. To achieve this, they need to do two things:

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Taxpayer’s right to be notified is a matter of administrative justice

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The High Court in Pretoria recently ruled that taxpayers have a right to be notified before SARS appoints an agent to collect ‘outstanding tax debt’. ALTHEA SOOBYAH, Tax Consulting Director at Mazars explains why this is a victory for both taxpayer rights and the wider cause of administrative justice.

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How can managers cope with the impact of Covid-19 on employees and the workplace?

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The Covid-19 virus and accompanying lockdown poses many new challenges to managers, for example:
* Employees working from home
* Reliance on technology to keep in touch with employees
* Differentiation in the time management needs of employees (e.g. parents who need to home- school their children, etc.)
* Drastically and rapidly changing communication methods
* Mental health pressures experienced by employees and managers alike

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