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ARTICLE · 12 MARCH 2024

2024 Budget Speech - Tax Proposals

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On 21 February 2024, the Minister of Finance, Enoch Godongwana, delivered the 2024 budget speech.

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Conor McFadden
Conor McFadden
Johan Coertze
Johan Coertze
Lenate Joubert
Lenate Joubert
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On 21 February 2024, the Minister of Finance, Enoch Godongwana, delivered the 2024 budget speech. We have set out below a summary of some of the key tax proposals included in the budget. It is important to bear in mind that the enacting legislation for most of these proposals will only be published for public comment later in the year.

Incentivizing local electric vehicle production

A new investment allowance is proposed to be introduced from 1 March 2026 for new investments in production capacity for electric and hydrogen‐powered vehicles. The allowance will be equal to 150% of the qualifying investment.

Flow through incentive for infrastructure projects

In order to encourage investment in infrastructure, the feasibility of a flow-through tax regime will be investigated for certain clearly defined infrastructure projects.

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