South Africa Gazettes Various Laws Implementing 2023 Budget Measures

The South African Official Gazette Dec. 22 published Law Nos. 17/2023, 18/2023, and 19/2023, amending various tax provisions under the 2023 budget measures. The law includes measures: 1) implementing anti-avoidance rules for specified loans to trusts; 2) clarifying solar energy credits and allowing additional individual income tax rebates of 25 percent of the cost of new photovoltaic (PV) panels, capped at 15,000 South African rand (US$804); 3) clarifying that employer contributions to a retirement fund are deductible; 4) allowing companies to deduct expenditures for the production of intra-group interest income; 5) clarifying the taxation of nonresident trust beneficiaries; 6) increasing ...