Tag: Global Minimum Tax Act
Electric vehicle tax incentive – what EV manufacturers should know
Late last year, President Cyril Ramaphosa signed the Taxation Laws Amendment Act No. 42 of 2024. This Act introduced a significant tax incentive. The government aims to promote battery electric and hydrogen-powered vehicle production through this initiative.
Global minimum tax compliance – what SA’s MNEs need to know
President Cyril Ramaphosa recently signed the Global Minimum Tax Act and the Global Minimum Tax Administration Act into law. The new laws implement the OECD Global Anti-Base Erosion (GloBE) rules. These rules aim to prevent tax losses caused by Multinational Enterprises (MNEs) operating in foreign low-tax jurisdictions. Both laws enforce a minimum 15% global tax on MNEs based or operating in South Africa.
