Global Minimum Tax Act, 2024 (Act No. 46 of 2024)

WHEREAS the Organisation for Economic Cooperation and Development (OECD)/ G20 Inclusive Framework to counter Base Erosion and Profit Shifting (BEPS) has developed the GloBE Rules, with the Republic being an active member of the OECD/G20 Inclusive Framework on BEPS;

AND WHEREAS the GloBE Rules introduce a global minimum tax, designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate, as part of the solution for addressing the tax challenges of the digital economy;

AND WHEREAS the Republic wishes to adopt the GloBE Rules, with the necessary changes for its context,

BE IT THEREFORE ENACTED by the Parliament of the Republic of South Africa, as follows:—