Page 42 - Nexia SAB&T Africa Overview 2025

South Africa (GMT +2)

General:
▪ Capital Cities: Pretoria / Cape Town / Bloemfontein
▪ Official Language: 12 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: 64,7 million (2025,est)
Key Economic Indicators:
▪ GDP: $410,34 billion (2025) [Highest GDP in Africa] / GDP Growth
Rate: 0.9% (2024)
▪ CPI Inflation Rate (annual): 3.8% (2025)
▪ Sovereign Credit Ratings: Moody’s: Baa2, S&P: BB-,
Fitch: BB- (Moderate to High Credit Risk)
▪ Indicator of Economic Freedom Score: 57.3/100 (2025): Mostly Unfree
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%
▪ 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
40 41