Finance Minister Tables Major Tax Reform Bill to Modernize South Africa’s Revenue Laws

CAPE TOWN — On April 24, the Minister of Finance tabled the Rates and Monetary Amounts and Amendment of Revenue Laws Bill (B 14-2025) in Parliament, proposing major tax reforms aimed at aligning fiscal policy with inflation and economic realities.

The bill introduces several key changes: an increase in the transfer duty threshold from R1.1 million to R1.21 million, new income tax brackets ranging from 18% to 45%, a flat 27% corporate tax rate, and an expanded employment tax incentive of R2,500 for qualifying workers.

It also updates multiple tax laws—some dating back to 1949—covering customs, excise, and carbon taxes, as part of a broader effort to modernize South Africa’s revenue system. Drafted with public consultation, the bill reflects the government’s focus on fairness, compliance, and transparent governance.

Fast-tracked as a money bill, it is positioned to play a central role in reshaping the country’s tax landscape for a more stable and inclusive economy.

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