South Africa Sends Global Minimum Tax Legislation to Parliament

South Africa sent two bills to parliament that would enact and administer the OECD’s global minimum tax rules.

Finance Minister Enoch Godongwana announced the legislation package for the minimum tax comprising of two bills — Global Minimum Tax Bill and the Global Minimum Tax Administration Bill — on Wednesday while presenting the country’s medium-term budget statement.

The bills legislate key components of the Organization for Economic Cooperation and Development’s plan to reform the global tax framework and establish a minimum corporate rate of 15% for multinationals with over €750 million ($815 million) in annual revenue, which is referred to ...