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
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