South Africa: Proposed environmental tax amendments
Include 150% capital allowance for assets related to electric and hydrogen vehicle production
The National Treasury on October 26, 2024, published the Draft Taxation Laws Amendment Bill (B16-2024), which includes the following proposed environmental tax amendments:
- 150% capital allowance for assets related to electric and hydrogen vehicle production
- Updates to carbon tax emission factors
The bill has been introduced to Parliament but must still pass through the parliamentary approval process and be promulgated before becoming effective.