The South African National Treasury has released the draft Taxation Laws Amendment Bill (B16-2024)  on 30 October 2024, which includes proposed changes to environmental taxes, among other provisions.

The proposed amendments aim to:

  • Modify the Income Tax Act, 1962, by updating certain definitions, provisions, and schedules, and introducing new provisions.
  • Revise the Customs and Excise Act, 1964, to allow for continuations and amend certain schedules.
  • Update the Value-Added Tax Act, 1991, by modifying specific provisions and schedules, and providing for continuations.
  • Amend the Securities Transfer Tax Act, 2007, to make changes to certain provisions.
  • Update the Mineral and Petroleum Resources Royalty Act, 2008, by amending a provision.
  • Modify the Employment Tax Incentive Act, 2013, to revise certain provisions.
  • Revise the Taxation Laws Amendment Act, 2013, to adjust certain effective dates.
  • Update the Taxation Laws Amendment Act, 2018, by amending specific provisions.
  • Amend the Carbon Tax Act, 2019, to modify certain provisions and schedules.
  • Revise the Taxation Laws Amendment Act, 2021, to amend a specific provision.
  • Modify the Taxation Laws Amendment Act, 2023, to update certain provisions and address related matters.