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March 1, 2024 South Africa announces sustainability and energy tax measures as part of 2024 Budget Review
On 21 February 2024, South Africa's Minister of Finance announced the 2024 Budget Review. A number of sustainability and energy measures were included to support the green transition. Key developments include:
Business implications It is important for businesses operating in Africa to consider these new tax announcements and the potential impact on their existing or planned projects. In particular, OEMs in the electric and hydrogen auto value chain are encouraged to review and finalize their NEV investment plans in line with the new allowances available. Businesses will want to monitor the proposal to penalize operations that exceed their carbon budgets, given the potential impact on trade-exposed businesses to be subject to the Carbon Border Adjustment Mechanism (CBAM) and of an increase on costs and operations.
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