To provide for the introduction of the Global Anti-Base Erosion (GloBE) Rules in South Africa; to provide for the imposition of Top-up Tax; and to provide for matters connected therewith.
The Act was gazetted by the President on December 24, 2024, and backdated to take effect from January 1, 2024. This marks a significant shift in the country’s tax landscape.
The new law adopts the GloBE (Global Anti-Base Erosion) Rules developed by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, and is designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate, as part of the solution for addressing the tax challenges of the digital economy.
This new Act is available on the Data Dynamics catalogue.
