The South African Revenue Service has published the Taxation Laws Amendment Act 2024, which was promulgated on 24 December 2024. One of the main measures of the Act is for the introduction of an investment allowance for automotive companies investing in production capacity for electric and hydrogen-powered vehicles in South Africa. This allows for the deduction of 150% of the cost of the following assets used primarily for producing electric and hydrogen-powered vehicles:
- Buildings, includi…