South Africa publishes synthesised text of tax treaty with Spain
The South African Revenue Service (SARS) has released a synthesized text of its tax treaty with Spain, reflecting updates from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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South Africa: SARS updates urban development zone allowance guide for 2025
The South African Revenue Service (SARS) has issued an updated Guide to the Urban Development Zone (UDZ) allowance on 17 January 2025. This incentive, introduced in 2003, aims to drive investment in 16 UDZs across 15 inner cities by offering
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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South Africa: President promulgates Taxation Laws Amendment Act, introduces changes to environmental tax provisions
The President of South Africa has promulgated the Taxation Laws Amendment Act 42 of 2024 which includes changes to environmental tax provisions. The law was published in the Official Gazette on 24 December 2024. The various amendments
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South Africa introduces tax incentive for electric, hydrogen vehicle production
The South African Revenue Service has released the Taxation Laws Amendment Act 2024 which introduces a new investment allowance for automotive companies investing in the production capacity for electric and hydrogen-powered vehicles in the
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South Africa: SARS lowers interest rates on outstanding taxes, overpayments
The South African Revenue Service (SARS) has lowered interest rates on outstanding taxes and overpayments, effective as of 7 January 2025. Interest rates charged in terms of the legislation administered by SARS are split into three main
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South Africa gazettes Global Minimum Tax Act
South Africa published the Global Minimum Tax Act, 2024 (the GMT Act), in the Official Gazette on 24 December 2024. The legislation introduces two main components: an Income Inclusion Rule and a Domestic Minimum Top-up Tax, while notably
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South Africa: National Treasury, SARS consult draft Revenue Laws Amendment Bill (RLAB)
The National Treasury and the South African Revenue Service (SARS) published the 2025 draft Revenue Laws Amendment Bill (RLAB) for public comment on 13 December 2024. This announcement was also made on the same day. This draft tax bill
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South Africa: SARS clarifies tax allowances, deductions for renewable energy generation assets
The South African Revenue Service (SARS) has released a guide “Guideline on the on Allowances and Deductions Relating to Assets Used in Generation of Electricity from Specified Sources of Renewable Energy” on 23 November 2024. It provides
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South Africa: SARS updates interest rate tables, reduces all rates
The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on
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Kuwait, South Africa income tax treaty protocol enters into force
The amending protocol to the Kuwait-South Africa Income Tax Treaty came into force on 2 October 2024. This protocol has been applied retroactively, with its provisions taking effect from 1 April 2012. The amending protocol was signed on 1 April
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South Africa consults taxation of alcoholic beverages, phase two of carbon tax, tax treatment of collective investment schemes
South Africa's National Treasury has unveiled three discussion papers for public consultation, on 13 November 2024, focusing on carbon tax, alcohol taxation, and the tax treatment of collective investment schemes. These proposals, aimed at refining
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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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