2024 Draft Tax Bills and Draft Global Minimum Tax Bills

The National Treasury and the South African Revenue Service (SARS) has published for public comment, the 2024 Draft Rates Bill (2024 Draft Rates Bill), the 2024 Draft Revenue Laws Amendment Bill, the Draft Global Minimum Tax Bill and the Draft Global Minimum Tax Administration Bill.

The 2024 Draft Rates Bill contains announcements made in Chapter 4 and Annexure C of the 2024 Budget Review that deal with the increase of excise duties. The 2024 Draft Revenue Laws Amendment Bill is aimed largely at clarifying the existing language and to simplify the directives system for both administrators and SARS to allow for an efficient implementation of the ‘two-pot’ retirement reform.

The Draft Global Minimum Tax Bill is aimed at implementing the GloBE Model Rules in South Africa to enable South Africa to impose a multinational top-up tax at a rate of 15 per cent on the profits of in-scope multinational enterprise groups. The Draft Global Minimum Tax Administration Bill is aimed at the administration of the Draft Global Minimum Tax Bill. After receipt of written comments, the National Treasury and SARS will engage with stakeholders through public workshops to discuss the written comments on the draft bills.

The Standing Committee on Finance (SCoF) and the Select Committee on Finance (SeCoF) in Parliament are expected to make a similar call later this year for public comment and convene public hearings on the draft bills before their formal introduction in Parliament.

Thereafter, a response document on the comments received will be presented at the parliamentary committee meetings, after which the draft bills will then be revised, taking into account public comments and recommendations made during committee hearings, before they are tabled formally in Parliament for consideration.

Find here: Media Statement: Publication of the 2024 Draft Tax Bills and Draft Global Minimum Tax Bills for public comment
                  Draft Revenue Laws Amendment Bill
                  Draft Explanatory Memorandum RLAB
                  Draft Global Minimum Tax Bill
                  Draft EM on Global Minimum Tax Bill
                  Global Minimum Tax Administration Bill
                 Draft Rates and Monetary Amounts Bill, 2024

Comments can be emailed to the National Treasury’s tax policy depository at [email protected]  and SARS at [email protected] by no later than Sunday, 31 March 2024.

National Enquiries can be directed to National Treasury on tel (012) 315 5046