South Africa: 2024 Budget Speech Unveiled by Minister of Finance
The South African Revenue Service released the 2024 budget speech online, delivered by the Minister of Finance. The speech outlines several measures:
- Introducing an allowance of 150% for manufacturers investing in electric and hydrogen-powered vehicles starting March 1, 2026.
- Enforcing global minimum taxation of 15% for large multinational enterprises (MNEs) with annual revenue exceeding €750 million from January 1.
- Raising the plastic bag levy to 32 South African rand cents per bag effective April 1.
- Implementing two-pot retirement reform for individual contributions to retirement funds starting September 1.
- Increasing the carbon fuel tax to 11 rand cents per liter of petrol and 14 rand cents per liter of diesel from April 3.
The Tax Agency notes that individual income tax brackets, rebates, and medical tax credits will remain unchanged.
Source: gov.za
