Global Minimum Tax Act
This section is titled “Definitions” and lists the arrangement of sections for Part I (Interpretation) and Part II (Application of GloBE Model Rules).
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- Act 46 of 2024
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About this statute
This section is titled “Definitions” and lists the arrangement of sections for Part I (Interpretation) and Part II (Application of GloBE Model Rules). This section states that the GloBE Model Rules apply. This section states that the GloBE Model Rules apply to the Republic and sits under Part III, Income Inclusion Rule. This section is titled “Charge to Tax for Constituent Entities” and notes that certain GloBE Model Rules articles are inapplicable under Part IV on Domestic Minimum Top-up Tax. Section 6 is titled “Charge to Tax for Domestic Constituent Entities.”
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Provisions of Global Minimum Tax Act
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Definitions
AI-assisted research summary: This section is titled “Definitions” and lists the arrangement of sections for Part I (Interpretation) and Part II (Application of GloBE Model Rules).
1. Definitions ARRANGEMENT OF SECTIONS PART I Interpretation PART II Application of GloBE Model Rules
Part
PART II
- 2 Verify source ↗
Application of GloBE Model Rules
AI-assisted research summary: This section states that the GloBE Model Rules apply.
2. Application of GloBE Model Rules - 3 Verify source ↗
Application of GloBE Model Rules to Republic
AI-assisted research summary: This section states that the GloBE Model Rules apply to the Republic and sits under Part III, Income Inclusion Rule.
3. Application of GloBE Model Rules to Republic PART III Income Inclusion Rule - 2 Verify source ↗
For purposes of this Act, the GloBE Model Rules apply for a Fiscal Year on the
AI-assisted research summary: This section says the Act applies the GloBE Model Rules for a Fiscal Year using pre-start Commentary, Administrative Guidance, and Safe Harbours as the basis.
2. For purposes of this Act, the GloBE Model Rules apply for a Fiscal Year on the 40 basis of the— (a) Commentary to the GloBE Model Rules before the start of the Fiscal Year; (b) Administrative Guidance to the GloBE Model Rules before the start of the Fiscal Year; and (c) Safe Harbours before the start of the Fiscal Year. 45 Application of GloBE Model Rules to Republic - 3 Verify source ↗
Wherever the GloBE Model Rules refer to the term ‘‘insert name of implementing
AI-assisted research summary: This section replaces the phrase “insert name of implementing jurisdiction” with “the Republic” for this Act and the Global Minimum Tax Administration Act, and defines several terms used in the Act.
3. Wherever the GloBE Model Rules refer to the term ‘‘insert name of implementing jurisdiction’’ this should be substituted with ‘‘the Republic’’ for purposes of this Act and the Global Minimum Tax Administration Act. This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 7 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 7 No. 46 van 2024 ‘‘Kommentaar tot die GloBe-modelreëls’’ of die ‘‘GloBe-kommentaar’’ beteken die kommentaar vrygestel in die dokument getiteld ‘‘OECD (2022), Tax Challenges Arising from the Digitalisation of the Economy – Commentary to the Global Anti-Base Erosion Model Rules (Pillar Two)’’, OECD, Parys en enige opdatering tot daardie kommentaar vrygestel deur die Inklusiewe Raamwerk, soos ingevolge artikel 23 aangedui; ‘‘Inklusiewe Raamwerk’’ beteken die OECD/G20 Inklusiewe Raamwerk op 5 Basiserosie en Winsverskuiwing (BEPS); ‘‘ligging van ’n Entiteit’’ vir doeleindes van hierdie Wet, word die ligging van ’n Entiteit bepaal in ooreenstemming met Artikel 10.3 van die GloBe-modelreëls; 10 ‘‘Minister’’ beteken die Minister van Finansies; ‘‘multinasionale ondernemingsgroep’’ of ‘‘MNO-groep’’ beteken enige groep wat ten minste een Entiteit of Permanente Saak insluit, wat nie geleë is in die jurisdiksie van die ‘‘Ultimate Parent Entity’’ soos in Artikel 1.2 van die GloBe-modelreëls bedoel nie, en binne die omvang van Artikel 1.1 van die GloBe-modelreëls val; ‘‘Optopbelasting’’ beteken Optopbelasting betaalbaar kragtens Dele III en IV. ‘‘Plaaslike Konstituerende Entiteit’’ beteken ’n ‘‘Constituent Entity’’, binne die betekenis van die GloBe-modelreëls, wat in die Republiek geleë is; ‘‘Plaaslike Gesamentlike Onderneming’’ beteken ’n ‘‘Joint Venture’’, binne die betekenis van die GloBe-modelreëls, wat in die Republiek geleë is; ‘‘Plaaslike Gesamentlike Ondernemingsfiliaal’’ beteken ’n ‘‘Joint Venture Subsid- iary’’, binne die betekenis van die GloBe-modelreëls, wat in die Republiek geleë is; ‘‘Plaaslike Gesamentlike Ondernemingsgroep’’ beteken ’n Plaaslike Gesamentlike in die Onderneming en sy Plaaslike Gesamentlike Ondernemingsfiliale wat Republiek geleë is; ‘‘Republiek’’ beteken die Republiek van Suid-Afrika en, wanneer in ’n geografiese konteks gebruik, sluit dit die territoriale see daarvan sowel as enige gebied buite die territoriale see wat toegewys is of toegewys mag wees ingevolge internasionale reg en die wette van Suid-Afrika, as gebiede waarbinne Suid-Afrika soewereine regte of jurisdiksie met betrekking tot die ontdekking of ontginning van natuurlike hulpbronne, kan uitoefen; ‘‘Veilige Hawe’’ beteken ’n uitsondering in Artikel 8.2.1 van die GloBe-modelreëls voor voorsiening gemaak waarvan die ontwerp en kwalifiseringsvoorwaardes deur die Inklusiewe Raamwerk goedgekeur is en uiteengesit is in— (a) ‘‘OECD (2022), Safe Harbours and Penalty Relief: Global Anti-Base Erosion Rules (Pillar Two)’’, OECD/G20 Inklusiewe Raamwerk op BEPS, OECD, Parys; (b) Administratiewe Riglyne op die GloBe-modelreëls; en (c) enige soortgelyke dokumente daarna uitgereik deur die Inklusiewe Raamwerk soos ingevolge artikel 23 aangedui; en ‘‘Wet op Globale Minimum Belastingadministrasie’’ beteken die Wet op Globale Minimum Belastingadministrasie, 2024. DEEL II Toepassing van GloBe-modelreëls Toepassing van GloBe-modelreëls - 2 Verify source ↗
Vir doeleindes van hierdie Wet, is die GloBe-modelreëls van toepassing vir ’n
AI-assisted research summary: For purposes of this Act, the GloBe model rules apply for a fiscal year based on specified materials prepared before the start of that fiscal year.
2. Vir doeleindes van hierdie Wet, is die GloBe-modelreëls van toepassing vir ’n Fiskale Jaar op die basis van die— (a) Kommentaar tot die GloBe-modelreëls voor die aanvang van die Fiskale Jaar; (b) Administratiewe Riglyne tot die GloBe-modelreëls voor die aanvang van die Fiskale Jaar; en (c) Veilige Hawens voor die aanvang van die Fiskale Jaar. Toepassing van GloBe-modelreëls op Republiek 15 20 25 30 35 40 45 50 - 3 Verify source ↗
Waar die GloBe-modelreëls verwys na die term ‘‘insert name of implementing
AI-assisted research summary: When the GloBe model rules use the phrase “insert name of implementing jurisdiction,” it must be replaced with “die Republiek” for this Act and the Act on Global Minimum Tax Administration.
3. Waar die GloBe-modelreëls verwys na die term ‘‘insert name of implementing jurisdiction’’ moet dit vervang word met ‘‘die Republiek’’ vir doeleindes van hierdie Wet en die Wet op Globale Minimum Belastingadministrasie. 55 This gazette is also available free online at www.gpwonline.co.za - 8 Verify source ↗
No. 51830
AI-assisted research summary: Section 8 is a heading for the Income Inclusion Rule charge to tax for constituent entities.
8 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 8 PART III Income Inclusion Rule Charge to Tax for Constituent Entities
Part
PART III
- 4 Verify source ↗
Charge to Tax for Constituent Entities
AI-assisted research summary: This section is titled “Charge to Tax for Constituent Entities” and notes that certain GloBE Model Rules articles are inapplicable under Part IV on Domestic Minimum Top-up Tax.
4. Charge to Tax for Constituent Entities 5. Inapplicable articles in GloBE Model Rules PART IV Domestic Minimum Top-up Tax - 4 Verify source ↗
A Domestic Constituent Entity is liable to pay a Top-up Tax under the Income
AI-assisted research summary: A Domestic Constituent Entity must pay Top-up Tax under the Income Inclusion Rule for each fiscal year of the MNE Group that includes it.
4. A Domestic Constituent Entity is liable to pay a Top-up Tax under the Income Inclusion Rule determined in line with the GloBE Model Rules for each Fiscal Year of the MNE Group that includes the Domestic Constituent Entity. 5 Inapplicable articles in GloBE Model Rules - 5 Verify source ↗
The following provisions of the GloBE Model Rules shall not apply for the
AI-assisted research summary: Certain GloBE Model Rules do not apply for this Part, and Domestic Constituent Entities and Domestic Joint Ventures must pay Domestic Minimum Top-up Tax for the relevant fiscal year.
5. The following provisions of the GloBE Model Rules shall not apply for the purposes of this Part: (a) Articles 2.4 to 2.6 (UTPR charging provisions); and (b) Article 9.3 (exclusion from the UTPR of MNE Groups in the initial phase of 10 their international activity). PART IV Domestic Minimum Top-up Tax A. Constituent Entity liability 15 Charge to Tax for Domestic Constituent Entities 6. (1) Each Domestic Constituent Entity is jointly and severally liable to pay a Domestic Minimum Top-up Tax for each Fiscal Year of the MNE Group that includes the Domestic Constituent Entity. (2) The Domestic Minimum Top-up Tax for the Fiscal Year must be equal to the 20 Top-Up Tax determined for all Domestic Constituent Entities of the MNE Group. Charge to Tax for Domestic Joint Ventures 7. (1) Each Domestic Joint Venture and Domestic Joint Venture Subsidiary of a Domestic Joint Venture Group is jointly and severally liable to pay a Domestic Minimum Top-up Tax for each Fiscal Year of the MNE Group that includes the Domestic Joint Venture or Domestic Joint Venture Subsidiary. (2) The Domestic Minimum Top-up Tax for the Fiscal Year must be equal to the Top-up Tax for the Domestic Joint Venture Group determined for the Domestic Joint Venture Group. Calculation of Domestic Minimum Top-up Tax
Part
PART IV
- 6 Verify source ↗
Charge to Tax for Domestic Constituent Entities
AI-assisted research summary: Section 6 is titled “Charge to Tax for Domestic Constituent Entities.”
6. Charge to Tax for Domestic Constituent Entities - 7 Verify source ↗
Charge to Tax for Domestic Joint Ventures
AI-assisted research summary: This section is titled “Charge to Tax for Domestic Joint Ventures.”
7. Charge to Tax for Domestic Joint Ventures - 8 Verify source ↗
Calculation of Domestic Minimum Top-up Tax
AI-assisted research summary: This section is titled “Calculation of Domestic Minimum Top-up Tax” and indicates a following section on inapplicable articles in the GloBE Model Rules.
8. Calculation of Domestic Minimum Top-up Tax 9. Inapplicable articles in GloBE Model Rules - 10 Verify source ↗
Qualified Domestic Minimum Top-up Tax
AI-assisted research summary: This section is titled “Qualified Domestic Minimum Top-up Tax” and introduces the act’s purpose of implementing GloBe rules and top-up tax in South Africa.
10. Qualified Domestic Minimum Top-up Tax 5 10 15 20 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 3 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 3 No. 46 van 2024 (Engelse teks deur die President geteken) (Goedgekeur op 20 Desember 2024) WET Om voorsiening te maak vir die instelling van die Globale Anti-basiserosie (GloBe)-reëls in Suid-Afrika; om voorsiening te maak vir die heffing van Optopbelasting; en om voorsiening te maak vir aangeleenthede wat daarmee in verband staan. AANHEF AANGESIEN die Organisasie vir Ekonomiese Samewerking en Ontwikkeling (OECD)/G20 Inklusiewe Raamwerk om Basiserosie en Winsverskuiwing (BEPS) teen te staan die GloBe-reëls ontwikkel het, en die Republiek ’n aktiewe lid van die OECD/G20 Inklusiewe Raamwerk op BEPS is; EN AANGESIEN die GloBe-reëls ’n globale minimum belasting instel, ontwerp om te verseker dat groot multinasionale ondernemings ’n minimum vlak van belasting betaal op die inkomste wat voortspruit uit elke jurisdiksie waar hulle werksaam is, as deel van die oplossing om die belastinguitdagings rondom die digitale ekonomie te hanteer; EN AANGESIEN die Republiek begerig is om die GloBe-reëls, met die nodige veranderinge soos deur die samehang vereis, aan te neem, WORD DAAR GEVOLGLIK BEPAAL deur die Parlement van die Republiek van Suid-Afrika, as volg:— - 1 Verify source ↗
Omskrywings
AI-assisted research summary: This section is titled “Omskrywings” and indicates the act’s division into parts, including explanation and application of GloBe-model rules.
1. Omskrywings INDELING VAN ARTIKELS DEEL I Uitleg DEEL II Toepassing van GloBe-modelreëls - 2 Verify source ↗
Toepassing van GloBe-modelreëls
AI-assisted research summary: Section 2 concerns the application of GloBe model rules.
2. Toepassing van GloBe-modelreëls - 3 Verify source ↗
Toepassing van GloBe-modelreëls op Republiek
AI-assisted research summary: Section 3 is titled “Application of GloBe model rules to the Republic” and refers to Part III, the income-inclusion rule.
3. Toepassing van GloBe-modelreëls op Republiek DEEL III Inkomste-insluitingsreël - 4 Verify source ↗
Heffing van Belasting vir Konstituerende Entiteite
AI-assisted research summary: This section is about tax levied on constituent entities.
4. Heffing van Belasting vir Konstituerende Entiteite - 5 Verify source ↗
Nie-toepaslike artikels van GloBe-modelreëls
AI-assisted research summary: This section is titled “Non-applicable articles of GloBe model rules” in Part IV on Local Minimum Top-Up Tax.
5. Nie-toepaslike artikels van GloBe-modelreëls DEEL IV Plaaslike Minimum Optopbelasting - 6 Verify source ↗
Heffing van Belasting vir Plaaslike Konstituerende Entiteite
AI-assisted research summary: This section is titled as a tax levy for local constituent entities.
6. Heffing van Belasting vir Plaaslike Konstituerende Entiteite - 7 Verify source ↗
Heffing van Belasting vir Plaaslike Gesamentlike Ondernemings
AI-assisted research summary: This section concerns tax on local joint ventures.
7. Heffing van Belasting vir Plaaslike Gesamentlike Ondernemings - 8 Verify source ↗
Berekening van Plaaslike Minimum Optopbelasting
AI-assisted research summary: This section concerns the calculation of local minimum top-up tax.
8. Berekening van Plaaslike Minimum Optopbelasting - 9 Verify source ↗
Nie-toepaslike artikels in GloBe-modelreëls
AI-assisted research summary: Section 9 is titled “Inapplicable articles in GloBe model rules.”
9. Nie-toepaslike artikels in GloBe-modelreëls - 10 Verify source ↗
Kwalifiserende Plaaslike Minimum Optopbelasting
AI-assisted research summary: Section title: “Kwalifiserende Plaaslike Minimum Optopbelasting.”
10. Kwalifiserende Plaaslike Minimum Optopbelasting 5 10 15 20 This gazette is also available free online at www.gpwonline.co.za - 4 Verify source ↗
No. 51830
AI-assisted research summary: 4 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 4
4 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 4 - 11 Verify source ↗
Inapplicable Safe Harbours
AI-assisted research summary: Section title: Inapplicable Safe Harbours.
11. Inapplicable Safe Harbours - 12 Verify source ↗
Exclusion of certain foreign taxes on domestic income
AI-assisted research summary: This section concerns excluding certain foreign taxes from domestic income.
12. Exclusion of certain foreign taxes on domestic income - 13 Verify source ↗
Exclusion of domestic taxes on certain foreign income
AI-assisted research summary: This section concerns the exclusion of domestic taxes on certain foreign income.
13. Exclusion of domestic taxes on certain foreign income - 14 Verify source ↗
Total Top-up Tax of Domestic Constituent Entities of MNE Group
AI-assisted research summary: This section concerns total top-up tax for domestic constituent entities of an MNE group.
14. Total Top-up Tax of Domestic Constituent Entities of MNE Group - 15 Verify source ↗
Top-up Tax of Domestic Joint Venture Group
AI-assisted research summary: Section 15 is titled “Top-up Tax of Domestic Joint Venture Group.”
15. Top-up Tax of Domestic Joint Venture Group - 16 Verify source ↗
Domestic Minimum Top-up Tax
AI-assisted research summary: Section 16 is titled “Domestic Minimum Top-up Tax.”
16. Domestic Minimum Top-up Tax - 18 Verify source ↗
Later Transition Year
AI-assisted research summary: Section heading: Later Transition Year.
18. Later Transition Year - 19 Verify source ↗
Effect of change in Transition Year
AI-assisted research summary: This section is titled “Effect of change in Transition Year” and appears in Part V on imposition of and liability for top-up tax.
19. Effect of change in Transition Year PART V Imposition of and liability for top-up tax - 8 Verify source ↗
The Domestic Minimum Top-up Tax of Domestic Constituent Entities of the MNE
AI-assisted research summary: A local constituent entity must pay top-up tax under the income inclusion rule for each fiscal year of the MNE group that includes it.
8. The Domestic Minimum Top-up Tax of Domestic Constituent Entities of the MNE Group and Domestic Minimum Top-up Tax of a Domestic Joint Venture Group shall be determined under the GloBE Model Rules, as modified by sections 9 to 19. B. Articles that do not apply Inapplicable articles in GloBE Model Rules 9. (1) The following provisions of the GloBE Model Rules shall not apply for the purposes of this Part: (a) Article 2 (charging provisions); (b) Article 5.2.4 (allocation of Top-up Tax amongst Constituent Entities); (c) Article 5.2.5 (allocation of Top-up Tax amongst Constituent Entities when no Net GloBE Income for Fiscal Year); (d) Article 5.4.2 (allocation of Additional Current Top-up Tax in connection with Article 5.4.1); (e) Article 5.4.3 (allocation of Additional Current Top-up Tax in relation with Article 4.1.5); 25 30 35 40 45 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 9 No. 46 van 2024 9 DEEL III Inkomste-insluitingsreël Heffing van Belasting vir Konstituerende Entiteite 4. ’n Plaaslike Konstituerende Entiteit is aanspreeklik om ’n Optopbelasting te betaal ingevolge die Inkomste-insluitingsreël vasgestel in lyn met die GloBe-modelreëls vir elke Fiskale Jaar van die MNO-groep wat die Plaaslike Konstituerende Entiteit insluit. 5 Nie-toepaslike artikels van GloBe-modelreëls - 5 Verify source ↗
Die volgende bepalings van die GloBe-modelreëls sal nie van toepassing wees vir
AI-assisted research summary: Some GloBe model-rule provisions do not apply for this Part, and local constituent entities and local joint venture entities must pay the local minimum top-up tax for each fiscal year of the relevant MNO group.
5. Die volgende bepalings van die GloBe-modelreëls sal nie van toepassing wees vir doeleindes van hierdie Deel nie: (a) Artikels 2.4 tot 2.6 (‘‘UTPR’’-heffingsbepalings); en (b) Artikel 9.3 (uitsluiting van die ‘‘UTPR’’ van MNO-groepe in die aanvanklike 10 fase van hulle internasionale aktiwiteit). DEEL IV Plaaslike Minimum Optopbelasting A. Konstituerende Entiteit aanspreeklikheid Heffing van Belasting vir Plaaslike Konstituerende Entiteite 6. (1) Elke Plaaslike Konstituerende Entiteit is gesamentlik en afsonderlik aanspreeklik om ’n Plaaslike Minimum Optopbelasting te betaal vir elke Fiskale Jaar van die MNO-groep wat die Plaaslike Konstituerende Entiteit insluit. (2) Die Plaaslike Minimum Optopbelasting vir die Fiskale Jaar moet gelykstaande wees aan die Optopbelasting vir alle Plaaslike Konstituerende Entiteite van die MNO-groep, bepaal. Heffing van Belasting vir Plaaslike Gesamentlike Ondernemings 7. (1) Elke Plaaslike Gesamentlike Onderneming en Plaaslike Gesamentlike Ondernemingsfiliaal van ’n Plaaslike Gesamentlike Ondernemingsgroep is gesamentlik en afsonderlik aanspreeklik om ’n Plaaslike Minimum Optopbelasting te betaal vir elke Fiskale Jaar van die MNO-groep wat die Plaaslike Gesamentlike Onderneming of Plaaslike Gesamentlike Ondernemingsfiliaal, insluit. (2) Die Plaaslike Minimum Optopbelasting vir die Fiskale Jaar moet gelykstaande wees aan die Optopbelasting van die Plaaslike Gesamentlike Ondernemingsgroep bepaal vir die Plaaslike Gesamentlike Ondernemingsgroep. Berekening van Plaaslike Minimum Optopbelasting - 8 Verify source ↗
Die Plaaslike Minimum Optopbelasting van Plaaslike Konstituerende Entiteite van
AI-assisted research summary: The local minimum top-up tax for certain local entities and a local joint venture group is determined under the GloBe model rules, as adjusted by articles 9 to 19.
8. Die Plaaslike Minimum Optopbelasting van Plaaslike Konstituerende Entiteite van die MNO-groep en Plaaslike Minimum Optopbelasting van ’n Plaaslike Gesamentlike Ondernemingsgroep sal bepaal word ingevolge die GloBe-modelreëls, soos aangepas deur artikels 9 tot 19. B. Artikels wat nie van toepassing is nie Nie-toepaslike artikels in GloBe-modelreëls - 9 Verify source ↗
Die volgende bepalings van die GloBe-modelreëls sal nie vir doeleindes van
AI-assisted research summary: For this Part, Article 2 and several listed Article 5 provisions of the GloBe model rules do not apply.
9. Die volgende bepalings van die GloBe-modelreëls sal nie vir doeleindes van hierdie Deel van toepassing wees nie: 15 20 25 30 35 40 (a) Artikel 2 (heffingsbepalings); (b) Artikel 5.2.4 (toedeling van Optopbelasting onder Konstituerende Entiteite); (c) Artikel 5.2.5 (toedeling van Optopbelasting onder Konstituerende Entiteite wanneer geen Netto GloBe-inkomste vir Fiskale Jaar); (d) Artikel 5.4.2 (toedeling van Addisionele Huidige Optopbelasting met 45 betrekking tot Artikel 5.4.1); (e) Artikel 5.4.3 (toedeling van Addisionele Huidige Optopbelasting met betrekking tot Artikel 4.1.5); This gazette is also available free online at www.gpwonline.co.za - 10 Verify source ↗
No. 51830
AI-assisted research summary: This provision lists several articles related to the Qualified Domestic Minimum Top-up Tax.
10 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 10 (f) Article 5.4.4 (determination as Low-taxed Constituent Entity); (g) Article 6.2.1(h) (application of Income Inclusion Rule in respect of acquisition of a target entity); (h) Article 6.4.1(b) and (c) (application of Income Inclusion Rule and UTPR in connection with Joint Venture and Joint Venture Subsidiaries); (i) Article 6.5.1(e) and (f) (application of Income Inclusion Rule and UTPR in connection with Multi-Parented MNE Groups); (j) Article 7.3 (Eligible Distribution Tax System); and (k) Article 9.3 (exclusion from the UTPR of MNE Groups in the initial phase of their international activity). Qualified Domestic Minimum Top-up Tax - 10 Verify source ↗
The definition of Qualified Domestic Minimum Top-up Tax in Article 10.1 of the
AI-assisted research summary: The Article 10.1 definition of Qualified Domestic Minimum Top-up Tax does not apply, except when deciding whether Article 9.1.3 applies to a transfer of assets to a Domestic Constituent Entity.
10. The definition of Qualified Domestic Minimum Top-up Tax in Article 10.1 of the GloBE Model Rules shall not apply except for the purpose of determining whether Article 9.1.3 of the GloBE Model Rules applies to a transfer of assets to a Domestic Constituent Entity. Inapplicable Safe Harbours - 11 Verify source ↗
The GloBE Commentary on the Qualified Domestic Minimum Top-up Tax Safe
AI-assisted research summary: The GloBE Commentary on the Qualified Domestic Minimum Top-up Tax Safe Harbour does not apply for this Part or the Global Minimum Tax Administration Act.
11. The GloBE Commentary on the Qualified Domestic Minimum Top-up Tax Safe Harbour shall not apply for the purposes of this Part or the Global Minimum Tax Administration Act. C. Computation of Adjusted Covered Taxes Exclusion of certain foreign taxes on domestic income - 12 Verify source ↗
The Adjusted Covered Taxes for each Domestic Constituent Entity, Domestic
AI-assisted research summary: Adjusted Covered Taxes are calculated with a carve-out for certain taxes accrued by a constituent entity-owner in another jurisdiction, but not for withholding tax imposed by the Republic.
12. The Adjusted Covered Taxes for each Domestic Constituent Entity, Domestic Joint Venture and Domestic Joint Venture Subsidiary are to be calculated, excluding any tax accrued by a Constituent Entity-owner located in another jurisdiction— (a) with respect to the GloBE Income of a Domestic Constituent Entity, Domestic Joint Venture, and Domestic Joint Venture Subsidiary which would otherwise be allocated to that Domestic Constituent Entity under Article 4.3.2(a), (c) or (d) of the GloBE Model Rules; and that is allocable to a distributing Domestic Constituent Entity, Domestic Joint Venture, and Domestic Joint Venture Subsidiary under Article 4.3.2(e) of the GloBE Model Rules, except that this shall not apply to a withholding tax imposed by the Republic. (b) Exclusion of domestic taxes on certain foreign income - 13 Verify source ↗
The Adjusted Covered Taxes for each Domestic Constituent Entity, Domestic
AI-assisted research summary: Adjusted Covered Taxes must be calculated for Domestic Constituent Entities, Domestic Joint Ventures, and Domestic Joint Venture Subsidiaries, excluding certain tax accrued on income or dividends from entities in another jurisdiction.
13. The Adjusted Covered Taxes for each Domestic Constituent Entity, Domestic Joint Venture, and Domestic Joint Venture Subsidiary are to be calculated, excluding tax accrued by Domestic Constituent Entities with respect to the income of, or dividends received from, Constituent Entities located in another jurisdiction. D. Computation of Top-up Tax Total Top-up Tax of Domestic Constituent Entities of MNE Group 5 10 15 20 25 30 35 - 14 Verify source ↗
The Top-Up Tax of Domestic Constituent Entities of the MNE Group shall be
AI-assisted research summary: This section sets the top-up tax for domestic constituent entities of the MNE Group as the sum of the Domestic Minimum Top-up Tax under section 16, excluding amounts for a Domestic Joint Venture or Domestic Joint Venture Subsidiary.
14. The Top-Up Tax of Domestic Constituent Entities of the MNE Group shall be equal to the sum of the Domestic Minimum Top-up Tax calculated, in accordance with section 16, but shall not include Domestic Minimum Top-up Tax calculated for any Domestic Joint Venture or Domestic Joint Venture Subsidiary. 40 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 No. 46 van 2024 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 11 11 (f) Artikel 5.4.4 (vasstelling as Lae-belaste Konstituerende Entiteit); (g) Artikel 6.2.1(h) (toepassing van Inkomste-insluitingsreël ten opsigte van verkryging van ’n teiken entiteit); (h) Artikel 6.4.1(b) en (c) (toepassing van Inkomste-insluitingsreël en ‘‘UTPR’’ met betrekking tot Gesamentlike Onderneming en Gesamentlike Onder- nemingsfiliale); (i) Artikel 6.5.1(e) en (f) (toepassing van Inkomste-insluitingsreël en ‘‘UTPR’’ 5 met betrekking tot Multi-Moeder MNO-groepe); (j) Artikel 7.3 (Kwalifiserende Distribusie Belastingstelsel); en (k) Artikel 9.3 (uitsluiting van die ‘‘UTPR’’ van MNO-groepe in die aanvanklike 10 fase van hulle internasionale aktiwiteit). Kwalifiserende Plaaslike Minimum Optopbelasting - 10 Verify source ↗
Die omskrywing van Kwalifiserende Plaaslike Minimum Optopbelasting in
AI-assisted research summary: The definition in Article 10.1 does not apply, except when deciding whether Article 9.1.3 applies to a transfer of assets to a Local Constituent Entity.
10. Die omskrywing van Kwalifiserende Plaaslike Minimum Optopbelasting in Artikel 10.1 van die GloBe-modelreëls is nie van toepassing nie, behalwe om te bepaal of Artikel 9.1.3 van die GloBe-modelreëls van toepassing is op ’n oordrag van bates na ’n Plaaslike Konstituerende Entiteit. 15 Nie-toepaslike Veilige Hawens - 11 Verify source ↗
Die GloBe-kommentaar op die Kwalifiserende Minimum Optopbelasting Veilige
AI-assisted research summary: The GloBe commentary on the qualifying minimum top-up tax safe harbour does not apply for this Part or the Global Minimum Tax Administration Act.
11. Die GloBe-kommentaar op die Kwalifiserende Minimum Optopbelasting Veilige Hawe sal nie van toepassing wees vir doeleindes van hierdie Deel of die Wet op Globale Minimum Belastingadministrasie, nie. 20 C. Berekening van Aangepaste Gedekte Belastings Uitsluiting van sekere buitelandse belastings op plaaslike inkomste - 12 Verify source ↗
Die Aangepaste Gedekte Belastings vir elke Plaaslike Konstituerende Entiteit,
AI-assisted research summary: Adjusted covered taxes for certain local entities must be calculated by excluding taxes accrued by an owner located in another jurisdiction, except Republic withholding tax.
12. Die Aangepaste Gedekte Belastings vir elke Plaaslike Konstituerende Entiteit, Plaaslike Gesamentlike Onderneming, en Plaaslike Gesamentlike Ondernemingsfiliaal, moet bereken word deur enige belasting, opgeloop deur ’n Konstituerende Entiteit- eienaar geleë in ’n ander jurisdiksie, uit te sluit— (a) met betrekking tot die GloBe-inkomste van ’n Plaaslike Konstituerende Entiteit, Plaaslike Gesamentlike Onderneming, en Plaaslike Gesamentlike Ondernemingsfiliaal wat andersins aan daardie Plaaslike Konstituerende Entiteit toegedeel sou word ingevolge Artikel 4.3.2(a), (c) of (d) van die GloBe-modelreëls; en (b) wat toedeelbaar is aan ’n distribuerende Plaaslike Konstituerende Entiteit, Plaaslike Gesamentlike Plaaslike Gesamentlike Onderneming, Ondernemingsfiliaal ingevolge Artikel 4.3.2(e) van die GloBe-modelreëls, behalwe dat dit nie van toepassing sal wees op ’n terughoudingsbelasting wat deur die Republiek gehef word nie. en Uitsluiting van plaaslike belastings op sekere buitelandse inkomste - 13 Verify source ↗
Die Aangepaste Gedekte Belastings vir elke Plaaslike Konstituerende Entiteit,
AI-assisted research summary: Certain local constituent entities, joint ventures, and local joint-venture branches must calculate adjusted covered tax by excluding tax accrued on income or dividends from constituent entities in other jurisdictions.
13. Die Aangepaste Gedekte Belastings vir elke Plaaslike Konstituerende Entiteit, Plaaslike Gesamentlike Onderneming, en Plaaslike Gesamentlike Ondernemingfiliaal moet bereken word deur belasting opgeloop deur Plaaslike Konstituerende Entiteite met betrekking tot die inkomste van, of dividende ontvang van, Konstituerende Entiteite geleë in ander jurisdiksies, uit te sluit. D. Berekening van Optopbelasting Totale Optopbelasting van Plaaslike Konstituerende Entiteite van MNO-groep - 14 Verify source ↗
Die Optopbelasting van Plaaslike Konstituerende Entiteite van die MNO-groep
AI-assisted research summary: The top-up tax for local constituent entities of the MNO group equals the sum of the local minimum top-up tax calculated under section 16, excluding amounts for any local joint venture or local joint venture subsidiary.
14. Die Optopbelasting van Plaaslike Konstituerende Entiteite van die MNO-groep sal gelykstaande wees aan die som van die Plaaslike Minimum Optopbelasting bereken ooreenkomstig artikel 16, maar sal nie insluit Plaaslike Minimum Optopbelasting bereken vir enige Plaaslike Gesamentlike Onderneming of Plaaslike Gesamentlike Ondernemingsfiliaal nie. 25 30 35 40 45 This gazette is also available free online at www.gpwonline.co.za - 12 Verify source ↗
No. 51830
AI-assisted research summary: Section heading: “Top-up Tax of Domestic Joint Venture Group.”
12 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 Top-up Tax of Domestic Joint Venture Group 12 - 15 Verify source ↗
The Top-up Tax of a Domestic Joint Venture Group shall be equal to the Domestic
AI-assisted research summary: The top-up tax for a Domestic Joint Venture Group equals the Domestic Minimum Top-up Tax calculated for that group.
15. The Top-up Tax of a Domestic Joint Venture Group shall be equal to the Domestic Minimum Top up Tax calculated for that Domestic Joint Venture Group. Domestic Minimum Top-up Tax calculation 16. (1) There shall be separate Domestic Minimum Top-up Tax calculations for Domestic Constituent Entities that are Minority-Owned Constituent Entities, Domestic Constituent Entities that are Investment Entities, Domestic Joint Venture Groups and other Domestic Constituent Entities. (2) The Domestic Minimum Top-up Tax for an Investment Entity shall be calculated under Articles 7.4 to 7.6 of the GloBE Model Rules and Article 2.2.2 of the GloBE Model Rules shall be applied to the extent necessary for this purpose. (3) In all other cases, the Domestic Minimum Top-up Tax shall be calculated using the following formula in lieu of the formula set out in Article 5.2.3 of the GloBE Model Rules: Top-up Tax = (Top-up Tax Percentage × Excess Profits) + Additional Current Top-up Tax E. Transition Rules Transition Year - 17 Verify source ↗
Except where section 18 applies, the Transition Year for the Republic shall be the
AI-assisted research summary: The Transition Year is the earlier of two fiscal-year triggers, unless section 18 applies; section 18 can revise it later if a Domestic Constituent Entity first becomes subject to a Qualified IIR in a later fiscal year.
17. Except where section 18 applies, the Transition Year for the Republic shall be the earlier of the Fiscal Year in which the MNE Group first becomes subject to this Act or the first Fiscal Year that Domestic Constituent Entities, Domestic Joint Ventures and Domestic Joint Venture Subsidiaries of the MNE Group become subject to a Qualified IIR or Qualified UTPR in another jurisdiction. Later Transition Year 18. (1) This paragraph applies when the Transition Year under section 17 was the first Fiscal Year in which the MNE Group became subject to this Act, and Domestic Constituent Entities were not subject to a Qualified IIR in that Fiscal Year. (2) Where one or more Domestic Constituent Entities, Domestic Joint Ventures and Domestic Joint Venture Subsidiaries become subject to a Qualified IIR for a subsequent Fiscal Year in another jurisdiction, the transition year for the Republic shall be revised to the Fiscal Year in which a Domestic Constituent Entity first became subject to a Qualified IIR for that, and all subsequent, Fiscal Years. Effect of change in Transition Year - 19 Verify source ↗
Paragraphs 118.49.1 and 118.49.2 of the GloBE Commentary shall apply when
AI-assisted research summary: Paragraphs 118.49.1 and 118.49.2 of the GloBE Commentary apply when the Transition Year changes because of section 18.
19. Paragraphs 118.49.1 and 118.49.2 of the GloBE Commentary shall apply when there is a change in the Transition Year as a result of section 18. PART V Imposition of and liability for Top-up Tax Imposition of Top-up Tax
Part
PART V
- 20 Verify source ↗
Imposition of top-up tax
AI-assisted research summary: Section 20 concerns the imposition of top-up tax.
20. Imposition of top-up tax - 21 Verify source ↗
Persons subject to tax
AI-assisted research summary: Section 21 is titled “Persons subject to tax.”
21. Persons subject to tax - 22 Verify source ↗
Top-up tax liability in domestic currency
AI-assisted research summary: This section is titled “Top-up tax liability in domestic currency.”
22. Top-up tax liability in domestic currency Part VI General provisions - 20 Verify source ↗
The Top-up Tax must be levied and collected in accordance with Parts II, III and
AI-assisted research summary: The Top-up Tax must be levied and collected under Parts II, III, and IV for the benefit of the National Revenue Fund.
20. The Top-up Tax must be levied and collected in accordance with Parts II, III and IV for the benefit of the National Revenue Fund. 5 10 15 20 25 30 35 40 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 No. 46 van 2024 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 13 13 Optopbelasting van Plaaslike Gesamentlike Ondernemingsgroep - 15 Verify source ↗
Die Optopbelasting van ’n Plaaslike Gesamentlike Ondernemingsgroep sal
AI-assisted research summary: A local joint venture group’s top-up tax equals its local minimum top-up tax, and local minimum top-up tax is calculated separately for different local constituent entities.
15. Die Optopbelasting van ’n Plaaslike Gesamentlike Ondernemingsgroep sal gelykstaande wees aan die Plaaslike Minimum Optopbelasting vir daardie Plaaslike Gesamentlike Ondernemingsgroep. Plaaslike Minimum Optopbelastingberekening 16. (1) Daar sal afsonderlike Plaaslike Minimum Optopbelastingberekenings wees vir Plaaslike Konstituerende Entiteite wat Minderheidsbesit Konstituerende Entiteite is, Plaaslike Konstituerende Entiteite wat Beleggingsentiteite, Plaaslike Gesamentlike Ondernemingsgroepe en ander Plaaslike Konstituerende Entiteite is. (2) Die Plaaslike Minimum Optopbelasting vir ’n Beleggingsentiteit sal bereken word kragtens Artikels 7.4 tot 7.6 van die GloBe-modelreëls en Artikel 2.2.2 van die GloBe-modelreëls sal tot die mate nodig vir hierdie doel, van toepassing wees. (3) In alle ander gevalle sal die Plaaslike Minimum Optopbelasting bereken word deur die volgende formule in die plek van die formule uiteengesit in Artikel 5.2.3 van die GloBe-modelreëls te gebruik: Optopbelasting = (Optopbelastingpersentasie × Oorskot winste) + Addisionele Huidige Optopbelasting 5 10 15 E. Oorgangsbepalings Oorgangsjaar - 17 Verify source ↗
Behalwe waar artikel 18 van toepassing is, sal die Oorgangsjaar vir die Republiek
AI-assisted research summary: The provision sets the Republic’s transition year as the earliest relevant fiscal year, unless article 18 applies.
17. Behalwe waar artikel 18 van toepassing is, sal die Oorgangsjaar vir die Republiek wees, die vroegste van die Fiskale Jaar waarin die MNO-groep eerste onderhewig word aan hierdie Wet of the eerste Fiskale Jaar waarin die Plaaslike Konstituerende Entiteite, Plaaslike Gesamentlike Ondernemings, en Plaaslike Gesamentlike Ondernemingfiliale van die MNO-groep onderhewig word aan ’n ‘‘Qualified IIR’’ of ‘‘Qualified UTPR’’ in ’n ander jurisdiksie. 20 25 Latere Oorgangsjaar 18. (1) Hierdie paragraaf is van toepassing wanneer die Oorgangsjaar ingevolge artikel 17 die eerste Fiskale Jaar waarin die MNO-groep onderhewig geword het aan hierdie Wet, en Plaaslike Konstituerende Entiteite in daardie Fiskale jaar nie aan ’n ‘‘Qualified IIR’’ onderhewig was nie. (2) Waar een of meer Plaaslike Konstituerende Entiteite, Plaaslike Gemeenskaplike Ondernemings, en Plaaslike Gemeenskaplike Ondernemingsfiliale onderhewig word aan ’n ‘‘Qualified IIR’’ vir ’n daaropvolgende Fiskale Jaar in ’n ander jurisdiksie, sal die oorgangsjaar vir die Republiek hersien word na die Fiskale Jaar waarin ’n Plaaslike Konstituerende Entiteit die eerste keer onderhewig geword het aan ’n ‘‘Qualified IIR’’ vir daardie, en alle daaropvolgende, Fiskale Jare. Uitwerking van verandering in Oorgangsjaar - 19 Verify source ↗
Paragrawe 118.49.1 en 118.49.2 van die GloBe-kommentaar sal van toepassing
AI-assisted research summary: Paragraphs 118.49.1 and 118.49.2 of the GloBe commentary apply when the Transition Year changes because of section 18.
19. Paragrawe 118.49.1 en 118.49.2 van die GloBe-kommentaar sal van toepassing wees wanneer daar ’n verandering in die Oorgangsjaar as gevolg van artikel 18 is. DEEL V Heffing van en aanspreeklikheid vir Optopbelasting Heffing van Optopbelasting - 20 Verify source ↗
Die Optopbelasting moet gehef en gevorder word in ooreenstemming met Dele II,
AI-assisted research summary: The Optopbelasting must be levied and collected in accordance with Parts II, III and IV for the benefit of the National Revenue Fund.
20. Die Optopbelasting moet gehef en gevorder word in ooreenstemming met Dele II, III en IV ten bate van die Nasionale Inkomstefonds. 30 35 40 This gazette is also available free online at www.gpwonline.co.za - 14 Verify source ↗
No. 51830
AI-assisted research summary: Certain domestic entities are treated as taxpayers and must pay Top-up Tax.
14 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 Persons subject to tax 14 21. (1) Any Domestic Constituent Entity, Domestic Joint Venture or Domestic Joint Venture Subsidiary is— (a) a taxpayer for the purposes of this Act; and (b) liable to pay the Top-up Tax as set out in Parts II, III and IV in respect of the relevant Fiscal Year. 5 (2) The Top-up Tax must be paid at the time and in the manner set out in the Global Minimum Tax Administration Act. Top-up Tax liability in domestic currency - 22 Verify source ↗
If the Top-up Tax amount calculated in Parts II, III and IV is in a foreign currency,
AI-assisted research summary: If the Top-up Tax amount is in foreign currency, it must be translated into Rands using the average exchange rate defined in the Income Tax Act.
22. If the Top-up Tax amount calculated in Parts II, III and IV is in a foreign currency, the Top-up Tax for the Fiscal Year shall be translated into Rands by using the average exchange rate as defined in the Income Tax Act for the Fiscal Year to which the tax relates. PART VI General provisions Amendments of international standards 23. (1) The Minister may by notice in the Gazette specify that any document released by the Inclusive Framework as contemplated in the definitions of Administrative Guidance to the GloBE Model Rules, Commentary to the GloBE Model Rules, Global Anti-Base Erosion Model Rules or Safe Harbour will apply for purposes of this Act, subject to such changes as may be specified by the Minister. (2) Any notice under this section in any calendar year shall, unless Parliament otherwise provides, lapse on the last day of the next calendar year, but without detracting from the validity of such notice before it has so lapsed. Regulations by Minister
Part
Part VI
- 23 Verify source ↗
Amendments of international standards
AI-assisted research summary: This section is about amendments of international standards.
23. Amendments of international standards - 24 Verify source ↗
Regulations by Minister
AI-assisted research summary: This section is titled “Regulations by Minister.”
24. Regulations by Minister - 25 Verify source ↗
Short title and commencement
AI-assisted research summary: This text gives the section heading “Short title and commencement” and the start of Part I on interpretation and definitions.
25. Short title and commencement PART I Interpretation Definitions
Part
PART I
- 1 Verify source ↗
In this Act, unless the context indicates otherwise, any word or expression which is
AI-assisted research summary: This section defines several terms used in the Act, including references to GloBE guidance and “domestic” entities located in the Republic.
1. In this Act, unless the context indicates otherwise, any word or expression which is assigned a meaning in the GloBE Model Rules or the Global Minimum Tax Administration Act has the meaning so assigned, and the following terms have the following meaning: ‘‘Administrative Guidance to the GloBE Model Rules’’ means administrative guidance on the GloBE Model Rules released by the Inclusive Framework being: (a) OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two), February 2023, OECD/G20 Inclusive Framework on BEPS, OECD, Paris; (b) OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two), July 2023, OECD/G20 Inclusive Framework on BEPS, OECD, Paris; (c) OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two), December 2023, OECD/G20 Inclusive Framework on BEPS, OECD, Paris; and (d) any similar document subsequently released by the Inclusive Framework, as specified under section 23; ‘‘Commentary to the GloBE Model Rules’’ or ‘‘GloBE Commentary’’ means the commentary released in the document titled OECD (2022), Tax Challenges Arising from the Digitalisation of the Economy Commentary to the Global Anti-Base Erosion Model Rules (Pillar Two), OECD, Paris and any update to that commentary released by the Inclusive Framework, as specified under section 23; ‘‘Domestic Constituent Entity’’ means a Constituent Entity, within the meaning of the GloBE Model Rules that is located in the Republic; 5 10 15 20 25 30 35 40 45 ‘‘Domestic Joint Venture’’ means a Joint Venture, within the meaning of the GloBE 50 Model Rules that is located in the Republic; ‘‘Domestic Joint Venture Group’’ means a Domestic Joint Venture and its Domestic Joint Venture Subsidiaries that are located in the Republic; ‘‘Domestic Joint Venture Subsidiary’’ means a Joint Venture Subsidiary, within the meaning of the GloBE Model Rules that is located in the Republic; 55 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 5 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 5 No. 46 van 2024 - 11 Verify source ↗
Nie-toepaslike Veilige Hawens
AI-assisted research summary: Section heading: “Nie-toepaslike Veilige Hawens.”
11. Nie-toepaslike Veilige Hawens - 12 Verify source ↗
Uitsluiting van sekere buitelandse belastings op plaaslike inkomste
AI-assisted research summary: This section concerns the exclusion of certain foreign taxes from local income.
12. Uitsluiting van sekere buitelandse belastings op plaaslike inkomste - 13 Verify source ↗
Uitsluiting van plaaslike belastings op sekere buitelandse inkomste
AI-assisted research summary: Section 13 is about excluding certain foreign income from local taxes.
13. Uitsluiting van plaaslike belastings op sekere buitelandse inkomste - 14 Verify source ↗
Totale Optopbelasting vir Plaaslike Konstituerende Entiteite van MNO-groep
AI-assisted research summary: This section concerns total top-up tax for local constituent entities of an MNO group.
14. Totale Optopbelasting vir Plaaslike Konstituerende Entiteite van MNO-groep - 15 Verify source ↗
Optopbelasting van Plaaslike Gesamentlike Ondernemingsgroep
AI-assisted research summary: This section concerns taxation of a local joint venture group.
15. Optopbelasting van Plaaslike Gesamentlike Ondernemingsgroep - 16 Verify source ↗
Plaaslike Minimum Optopbelasting
AI-assisted research summary: Section 16 is titled “Plaaslike Minimum Optopbelasting”.
16. Plaaslike Minimum Optopbelasting - 18 Verify source ↗
Latere Oorgangsjaar
AI-assisted research summary: This provision is titled “Latere Oorgangsjaar.”
18. Latere Oorgangsjaar - 19 Verify source ↗
Uitwerking van verandering in Oorgangsjaar
AI-assisted research summary: This provision is a heading for Section 19, about working out a change in the transition year, within Part V on levy and liability for Optopbelasting.
19. Uitwerking van verandering in Oorgangsjaar DEEL V Oplegging van en aanspreeklikheid vir Optopbelasting - 20 Verify source ↗
Oplegging van Optopbelasting
AI-assisted research summary: This section concerns the levying of optop tax.
20. Oplegging van Optopbelasting - 21 Verify source ↗
Persone onderhewig aan belasting
AI-assisted research summary: This section is titled “Persons subject to tax.”
21. Persone onderhewig aan belasting - 22 Verify source ↗
Optopbelasting in plaaslike geldeenheid
AI-assisted research summary: Section 22 is titled “Optopbelasting in plaaslike geldeenheid.”
22. Optopbelasting in plaaslike geldeenheid DEEL VI Algemene bepalings - 23 Verify source ↗
Wysigings van internasionele standaarde
AI-assisted research summary: Section title: amendments of international standards.
23. Wysigings van internasionele standaarde - 24 Verify source ↗
Regulasies deur Minister
AI-assisted research summary: This section is a heading for regulations made by the Minister.
24. Regulasies deur Minister - 25 Verify source ↗
Kort titel en inwerkingtreding
AI-assisted research summary: This section is titled “Kort titel en inwerkingtreding” and introduces “DEEL I Uitleg Omskrywings.”
25. Kort titel en inwerkingtreding DEEL I Uitleg Omskrywings - 1 Verify source ↗
In hierdie Wet, tensy dit uit die samehang andersins blyk, het enige woord of
AI-assisted research summary: This section defines certain terms used in the Act, including the GloBe model rules and related administrative guidance.
1. In hierdie Wet, tensy dit uit die samehang andersins blyk, het enige woord of uitdrukking waaraan ’n betekenis ingevolge die GloBe-modelreëls of die Wet op Globale Minimum Belastingadministrasie geheg is, daardie betekenis, en het die volgende uitdrukkings die volgende betekenis— ‘‘Administratiewe Riglyne tot die GloBe-modelreëls’’ beteken administratiewe riglyne tot die GloBe-modelreëls uitgevaardig deur die Inklusiewe Raamwerk naamlik: (b) (a) OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy – Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two)’’, Februarie 2023, OECD/G20 Inklusiewe Raamwerk op BEPS, OECD, Parys; ‘‘OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy – Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two)’’, Julie 2023, OECD/G20 Inklusiewe Raamwerk op BEPS, OECD, Parys; ‘‘OECD (2023), Tax Challenges Arising from the Digitalisation of the Economy – Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two)’’, Desember 2023, OECD/G20 Inklusiewe Raamwerk op BEPS, OECD, Parys; en (c) (d) enige soortgelyke dokument daarna vrygestel deur die Inklusiewe Raamwerk, soos kragtens artikel 23 aangedui; ‘‘Globale Anti-basiserosie-modelreëls’’ of ‘‘GloBe-modelreëls’’ beteken die stel reëls soos ontwikkel deur die Inklusiewe Raamwerk, toegepas ingevolge Deel II van hierdie Wet, en— (a) uiteengesit in die dokument getiteld ‘‘Tax Challenges Arising from the Digitalisation of the Economy Global Anti-Base Erosion Model Rules (Pillar Two): Inclusive Framework on BEPS’’, welke dokument— (i) goedgekeur is deur die Inklusiewe Raamwerk op 14 Desember 2021; en (ii) deur die OECD gepubliseer is; en soos van tyd tot tyd gewysig, behalwe enige wysigings tot die omskrywing van ‘‘minimum rate’’ in Artikel 10.1.1 van die GloBe-modelreëls in para- graaf (a) bedoel, soos ingevolge artikel 23 aangedui; (b) 5 10 15 20 25 30 35 40 45 50 This gazette is also available free online at www.gpwonline.co.za - 6 Verify source ↗
No. 51830
AI-assisted research summary: This section defines key terms used in the Act, including the GloBE Model Rules, the Minister, an MNE Group, the Republic, Safe Harbour, and Top-up Tax.
6 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 Act No.46 of 2024 Global Minimum Tax Act, Act 2024 6 ‘‘Global Anti-Base Erosion Model Rules’’ or ‘‘GloBE Model Rules’’ means the set of rules as developed by the Inclusive Framework, applied in accordance with Part II of this Act, and— (a) set out in the document titled Tax Challenges Arising from the Digitalisation of the Economy Global Anti-Base Erosion Model Rules (Pillar Two): Inclusive Framework on BEPS, which is a document— (i) approved by the Inclusive Framework on 14 December 2021; and (ii) published by the OECD; and 5 (b) as amended from time to time, except any amendments to the definition of minimum rate in Article 10.1.1 of the GloBE Model Rules referred to in paragraph (a), as specified under section 23; 10 ‘‘Global Minimum Tax Administration Act’’ means the Global Minimum Tax Administration Act, 2024; ‘‘Inclusive Framework’’ means the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS); ‘‘location of an Entity’’, for the purposes of this Act, means the location of an Entity determined in accordance with Article 10.3 of the GloBE Model Rules; ‘‘Minister’’ means the Minister of Finance; ‘‘multinational enterprise group’’ or ‘‘MNE Group’’ means any group that includes at least one Entity or Permanent Establishment that is not located in the jurisdiction of the Ultimate Parent Entity as referred to in Article 1.2 of the GloBE Model Rules and is within scope of Article 1.1 of the GloBE Model Rules; ‘‘Republic’’ means the Republic of South Africa and, when used in a geographical sense, includes the territorial sea thereof as well as any area outside the territorial sea which has been or may be designated, under international law and the laws of South Africa, as areas within which South Africa may exercise sovereign rights or jurisdiction with regard to the exploration or exploitation of natural resources; ‘‘Safe Harbour’’ means an exception provided in Article 8.2.1 of the GloBE Model Rules whose design and eligibility conditions have been approved by the Inclusive Framework and set out in— (a) OECD (2022), Safe Harbours and Penalty Relief: Global Anti-Base Erosion Rules (Pillar Two), OECD/G20 Inclusive Framework on BEPS, OECD, Paris; (b) Administrative Guidance to the GloBE Model Rules; and (c) any similar document subsequently released by the Inclusive Framework as specified under section 23; and 15 20 25 30 35 ‘‘Top-up Tax’’ means Top-up Tax payable under Parts III and IV. PART II Application of GloBE Model Rules Application of GloBE Model Rules
Part
PART VI
- 24 Verify source ↗
The Minister may make regulations regarding—
AI-assisted research summary: The Minister may make regulations about necessary procedural matters and any other matter the Act says can or must be prescribed.
24. The Minister may make regulations regarding— (a) any ancillary or incidental procedural matter that is necessary to prescribe for the proper implementation of this Act; and (b) any matter which under this Act is required or permitted to be prescribed. Short title and commencement 25. (1) This Act is called the Global Minimum Tax Act, 2024. (2) This Act is deemed to have come into operation on 1 January 2024 and applies to Fiscal Years beginning on or after that date. 10 15 20 25 30 This gazette is also available free online at www.gpwonline.co.za Wet op globale minimum belasting, 2024 No. 46 van 2024 STAATSKOERANT, 24 DESEMbER 2024 No. 51830 15 Persone onderhewig aan belasting 15 21. (1) Enige Plaaslike Konstituerende Entiteit, Plaaslike Gesamentlike Onderneming of Plaaslike Gesamentlike Ondernemingsfiliaal is— ’n belastingpligtige vir doeleindes van hierdie Wet; en (a) (b) aanspreeklik om die Optopbelasting te betaal soos uiteengesit in Deel II, III en 5 IV ten opsigte van die tersaaklike Fiskale Jaar. (2) Die Optopbelasting moet betaal word op die tydstip en wyse soos in die Wet op Globale Minimum Belastingadministrasie, bepaal. Optopbelastingaanspreeklikheid in plaaslike geldeenheid - 22 Verify source ↗
Indien die Optopbelastingsbedrag bereken in Dele II, III en IV in buitelandse
AI-assisted research summary: If the Optopbelasting amount for Parts II, III, and IV is in foreign currency, it is converted into rand using the average exchange rate defined in the Income Tax Act. The Minister may also, by Gazette notice, make certain Inclusive Framework documents apply for this Act.
22. Indien die Optopbelastingsbedrag bereken in Dele II, III en IV in buitelandse geldeenheid is, sal die Optopbelasting vir die Fiskale Jaar in Rande omgeskakel word deur die gemiddelde wisselkoers soos omskryf in die Inkomstebelastingwet te gebruik, vir die Fiskale Jaar waarop die belasting betrekking het. DEEL VI Algemene bepalings Wysigings van internasionale standaarde 23. (1) Die Minister kan by kennisgewing in die Staatskoerant bepaal dat enige dokument vrygestel deur die Inklusiewe Raamwerk soos beoog in die omskrywings van Administratiewe Riglyne tot die GloBe-modelreëls, Kommentaar tot die GloBe- modelreëls, Globale Anti-basiserosie Modelreëls of Veilige Hawe van toepassing sal wees vir doeleindes van hierdie Wet, onderhewig aan sodanige veranderinge soos deur die Minister bepaal. (2) Enige kennisgewing kragtens hierdie artikel in enige kalenderjaar sal, tensy die Parlement anders bepaal, verval op die laaste dag van die volgende kalenderjaar, maar sonder om afbreuk te doen aan die geldigheid van sodanige kennisgewing voordat dit aldus verval. Regulasies deur Minister 10 15 20 25 - 24 Verify source ↗
Die Minister kan regulasies uitvaardig aangaande—
AI-assisted research summary: The Minister may make regulations about extra or incidental procedural matters needed to implement the Act, and about any matter that the Act requires or allows to be prescribed.
24. Die Minister kan regulasies uitvaardig aangaande— (a) enige bykomende of toevallige prosedurele aangeleentheid wat nodig is om voor te skryf vir die behoorlike inwerkingstelling van hierdie Wet; en (b) enige aangeleentheid wat kragtens hierdie Wet vereis word of toegelaat word 30 om voorgeskryf te word. Kort titel en inwerkingtreding 25. (1) Hierdie Wet heet die Wet op Globale Minimum Belasting, 2024. (2) Hierdie Wet word geag in werking te getree het op 1 Januarie 2024 en is van 35 toepassing op Fiskale Jare wat op of na daardie datum in aanvang neem. This gazette is also available free online at www.gpwonline.co.za - 16 Verify source ↗
No. 51830
AI-assisted research summary: Gazette publication details only; no substantive rule is stated in the source text.
16 No. 51830 GOVERNMENT GAZETTE, 24 DEcEMbER 2024 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065
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