The South African National Treasury has initiated a public consultation process on 1 August 2024, seeking input on a series of draft bills and regulations aimed at implementing key tax reforms outlined in the 2024 budget.
The consultation encompasses three primary draft bills:
- Taxation Laws Amendment Bill (TLAB)
- Revenue Laws Amendment Bill (RLAB)
- Tax Administration Laws Amendment Bill (TALAB)
Key proposals in the draft legislation include:
- Measures to combat abuse of the employment tax incentive scheme
- Introduction of an investment allowance for manufacturers of electric and hydrogen-powered vehicles
- Updates to the Carbon Tax Act to align with current greenhouse gas emission guidelines
- A new renewable energy premium deduction
- Clarification of VAT rules for non-resident subsidiaries
- Establishment of a prescription period for input tax claims
Comments on the draft TLAB and draft TALAB are due by 31 August 2024, while feedback on the draft RLAB must be submitted by 16 August 2024.
