South Africa’s National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month for each worker to employers for the next four months to cushion financial losses suffered by firms due to the coronavirus. The treasury said in a statement that it would also permit businesses with revenue of 50 million rands or less to delay paying 20% of their employees’ tax liabilities over the next four months. The treasury further said that the tax adjustments are made in light of the National State of Disaster and due to the significant and potentially lasting negative impacts on the economy from the spreading of the COVID-19 virus. The announcement also follows Friday’s decision by Moody’s to cut the country’s debt to sub-investment, meaning all three of the top rating firms now rank the country at junk. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices