- South African Official Gazette released Laws No. 42/2024, No. 43/2024, and No. 44/2024 on December 24
- These laws modify tax rules as part of the 2024 budget
- Changes include detailed VAT rules for nonresident subsidiaries and a set time limit for input tax claims
- Adjustments made for VAT overpayments on imported services and rules for nonresident vendors with little physical presence in South Africa
- Updates clarify the VAT Act definitions, focusing on transactions between group companies and services by nonresidents to registered vendors
- Certain valuable metals are now exempt from domestic reverse charge rules
- The laws became effective on the day they were published
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
