The South African Revenue Service announced the 2024 budget speech online, delivered by the Minister of Finance. The speech includes the following measures:
1. Introducing a 150% allowance for manufacturers investing in electric and hydrogen-powered vehicles from March 1, 2026.
2. Enforcing a global minimum taxation of 15% for large multinational enterprises (MNEs) with annual revenue exceeding €750 million from January 1.
3. Raising the plastic bag levy to 32 South African rand cents per bag from April 1.
4. Implementing two-pot retirement reform for individual contributions to retirement funds from September 1.
5. Increasing the carbon fuel tax to 11 rand cents per liter of petrol and 14 rand cents per liter of diesel from April 3.
The Tax Agency confirms that individual income tax brackets, rebates, and medical tax credits will remain unchanged.
Source GlobalVATcompliance
Click on the logo to visit the website
Latest Posts in "South Africa"
- South Africa Proposes Major VAT Reforms to Modernize Tax System
- SARS Seeks Public Input on Customs Rules for Transfer Pricing Adjustments, Ending October 2025
- South Africa’s New Voluntary Disclosure Programme to Revolutionize Customs and Excise Compliance
- South Africa Prepares Major VAT Reforms
- South Africa’s 5-Corner Peppol Integration to Modernize E-Invoicing and VAT Reporting by 2028