Page 40 - Profmark Africa Overview 2024

South Africa (GMT +2)

General:
▪ Capital Cities: Pretoria / Cape Town / Bloemfontein
▪ Official Language: 11 Official languages
▪ Currency: South African Rand (ZAR)
▪ Main Exports: Gold, diamonds, chromium, platinum, metals, foods, car parts
▪ Surface Area: 1 219.1 sq. km (thousands)
▪ Population: 63,02 million (2024,est)
Key Economic Indicators:
▪ GDP: $377.78 billion (2023) / GDP Growth Rate: 0.6% (2023)
▪ CPI Inflation Rate (annual): 6.1% (2023)
▪ Sovereign Credit Rating: Fitch: BB-
▪ Indicator of Economic Freedom Score: 55.3/100
Exchange Controls:
▪ Exchange controls are administered by the SA Reserve Bank
Basis of Taxation: (Tax Year End: 28 February)
▪ Residents: Worldwide income
▪ Non-residents: South African-source income
Tax Rates:
▪ Individuals: Progressive rates to 45% [from ZAR 1 to 237,100 of taxable income - 18%]
▪ Companies: 27%
▪ Trusts: 45% (flat rate)
▪ Donations Tax:: 20%
▪ VAT: 15%
▪ Withholding Tax: 15% withholding tax on non-residents who receive certain interest
payments or royalties
▪ Capital Gains Tax (CGT): Varying rates apply
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ South African Reserve Bank https://www.resbank.co.za
▪ South African Revenue Service http://www.sars.gov.za
▪ Department of Trade and Industry http://www.thedti.gov.za
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