Revision to in-year spending plans and the division of revenue.
Economic impact and response to pandemic, and
To take action to stabilize public debt.
No new tax measures were presented in the Budget. However, moderate future tax increases were proposed.
The Draft Disaster Management Tax Relief Bill and the Draft Disaster Management Tax Relief Administration Bill were published and tabled for consideration.
The South African Revenue Service (SARS) issued Interpretation of Note 131 on 29 April, 2024, which addresses the exemption of income associated with South African ships utilised in international shipping. This aims to support the growth of a
On 8 March 2024, the South African Revenue Service (SARS) released guide for claiming this benefit under the new Section 6C of the Income Tax Act. South African residents can now claim a tax credit for installing brand new solar panels on their
On 6 March 2024, the South African Revenue Service (SARS) published online the tax court Judgment concerning Case No. IT 14302, providing clarification on how the arm’s length principle is applied in transactions involving related parties. The
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
On 22 December 2023, the South African Revenue Service officially published the 2023 tax acts, marking a substantial reform in the country's fiscal landscape. The key acts include the Taxation Laws Amendment Act, 2023 (Act 17 of 2023), the Tax
