South Africa releases draft bill with proposed changes to environmental taxes and more
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
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South Africa: National Treasury consults urban development zone tax incentive
The National Treasury of South Africa has invited interested parties to participate in the urban development zone (UDZ) tax incentive online survey on 6 November 2024. The consultation is set to conclude on 29 November 2024. The objective of
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South Africa seeks tax proposals for 2025 budget
South Africa's National Treasury extended an invitation until 25 November 2024 to submit technical tax proposals, which may be considered for inclusion in Annexure C of the 2025 Budget Review. The Minister of Finance announces new tax proposals
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South Africa unveils 2024 medium term budget policy, introducing global minimum tax measures
The South African National Treasury published its 2024 Medium Term Budget Policy Statement (MTBPS) On 30 October 2024, which includes key legislative proposals such as the Global Minimum Tax Bill and the Global Minimum Tax Administration Bill. These
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South Africa proposes foreign exchange loss rule for non-trading companies
The 2024 Taxation Laws Amendment Bill, introduced in South Africa's Parliament, on 30 October 2024, by allowing them to carry forward foreign exchange losses. This change addresses an existing imbalance in the taxation of foreign exchange gains and
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South Africa considers incentivising local manufacturing of electric and hybrid vehicles
South African President, Cyril Ramaphosa, announced that he is considering the introduction of tax rebates or subsidies to encourage local manufacture of electric and hybrid vehicles on Thursday, 17 October 2024. "Consideration must be given to
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South Africa lowers interest rate for interest-free, low-interest loans
The South African Revenue Service (SARS) has lowered the interest rate Table 3 for interest-free or low-interest loans from 9.25% to 9.00%, effective from 1 October 2024, following the Reserve Bank’s Monetary Policy Committee’s decision to
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South Africa publishes guidance for taxation of small businesses
The South African government has released a revised tax guide for small businesses for the 2023/24 fiscal year on 26 September 2024. It deals with the taxation of small businesses such as sole proprietors, partnerships and companies not part of
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Kuwait ratifies tax treaty with Iraq, amending treaty protocol with South Africa and Switzerland
Kuwait ratified income tax treaty with Iraq and amending protocol to the treaty with South Africa and Switzerland on 18 September 2024, published in Official Gazette No. 1705 on 22 September 2024. The income and capital tax treaty with Iraq was
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South Africa updates corporate income tax return form, allows additional allowance for renewable energy production
The South African Revenue Service (SARS) has updated the corporate income tax return form (ITR14 form), allowing taxable entities to claim section 12BA allowances on 16 September 2024. The 12BA allowance offers a 125% enhanced allowance for
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South Africa: SARS issues interpretation note 15 (Issue 6) on extending objection and appeal deadlines
The South African Revenue Service (SARS) has issued INTERPRETATION NOTE 15 (Issue 6) on 30 August 2024. This Note provides guidance on the considerations that a senior SARS official will take into account when exercising a discretion to extend the
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South Africa releases guide on revised tax rates and levies
The South African Revenue Service (SARS) released an updated version of the Guide for Tax Rates/Duties/Levies (Issue 17) on 29 August 2024. This guide compiles current and historical insights into the various taxes, duties, and levies collected by
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South Africa publishes guidance for withholding tax on royalties
The South African Revenue Service (SARS) has issued guidance on withholding tax for royalties, providing clarification on the completion of the Withholding Tax on Royalties return (WTR01), how to make payment on eFiling and apply for a refund using
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South Africa to impose VAT on low-value parcels
The South African Revenue Services (SARS) has issued interim tax changes on the importation of clothing through e-commerce by several importers on 8 August 2024. SARS observed that many importers have been evading the mandatory customs duties and
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South Africa updates guidance on PBO funding to associations of persons
The South African Revenue Service (SARS) has released an updated guidance concerning the provision of funds, assets, or other resources by a public benefit organisation (PBO) to any association of persons. This Note offers guidance on several key
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South Africa consults draft guide on tax incentives for renewable energy investments
The South African Revenue Service (SARS) has published a draft guide concerning allowances and deductions for assets used in generating electricity from specified renewable energy sources. This guide outlines several tax incentives aimed at
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South Africa consults tax reform measures in 2024 budget
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
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Belgium publishes synthesised text of tax treaty with South Africa under BEPS MLI
Belgium’s Ministry of Finance has released the synthesised text of the tax treaty with South Africa providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
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