Big tax hikes coming for businesses in South Africa

Carbon taxes in South Africa are set to rise by over 140% by 2030.

Coupled with the phasing out of tax allowances, some industries may see an overwhelming 340% increase.

This increase threatens to raise electricity costs significantly and impact exports. 

However, Deputy Minister of Electricity and Energy Samantha Graham-Maré said that this can be effectively countered and offers a “key growth opportunity” through investment in renewable energy to mitigate these challenges, create jobs, and ensure economic competitiveness.

In a recent statement, she sought to calm the nerves of businesses and citizens “that the government is working hard to protect jobs and drive economic growth in the face of these new challenges.”