TAX NATIVES
GLOBAL
South Africa
Last Updated 11/11/2024
AT A GLANCE
South Africa has the largest stock exchange on the African Continent and the 17th largest in the world. It has three capital cities – Cape Town is the legislative capital, Bloemfontein is the judicial capital, and Pretoria is the administrative capital.
The rand (ZAR) is the currency of South Africa, and it has 11 official languages, including English and Afrikaans – but there are at least 35 indigenous languages. English is the main language for parliamentary and state affairs, but all official languages have equal legal status, with the unofficial languages protected under the Constitution of South Africa.
South Africa has been a constitutional democracy since the mid ‘90s, after becoming a republic in the early ‘60s. It has a multitude of natural resources including gold, diamonds, and platinum, with thriving transport, financial, legal, communications, and energy industries.
Like many nations, South Africa suffered a slowdown in economic growth after the financial crisis and has experienced a sluggish recovery ever since. However, there had been a slight improvement in domestic growth in 2017. And after suffering a GDP shrinkage of 6.4% in 2020, South Africa has shown signs of recovery with GDP at 4.9% in 2021.
Our local Tax Natives in South Africa can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we’ll link you with a local expert who can answer all your questions.
THE HEADLINES
- The corporate income tax rate in South Africa is 28%
- In South Africa the headline personal income tax rate is 45%
- The standard VAT rate is 15%
Tax experts in the region
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