VAT Transition from 14% to 15%
The Minister announced that the standard rate of VAT will increase from the current 14% to 15% with effect from 1 April 2018. In terms of s7(4) of the Value-Added Tax Act, No 89 of 1991 (the VAT Act), the increased rated will apply from the effective date as announced by the Minister and the rate in s7(1) of the VAT Act must be amended by Parliament to 15% before 31 March 2019 to give effect to the rate in the Minister's announcement.
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Please contact Elizabeth Naidoo ([email protected]) or Yackshna Singh ([email protected]) should you have any questions regarding the transition.