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VAT increased to 15% South Africa

Budget 2018: VAT increase to 15%

The Minister of Finance announced the value-added tax (VAT) rate increase in his budget speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% with effect from 1 April 2018.

This means that from 1 April 2018, all taxable goods or services supplied by vendors, goods imported, as well as certain services supplied by non-residents to residents for non-taxable or private use (imported services), are subject to the VAT rate of 15%.

Some of the most important aspects to consider as a result of the increase in the VAT rate are briefly discussed. This pocket guide is not intended to be used as a legal reference.

For more information refer to the FAQs that are available on the SARS website: www.sars.gov.za. Should you have an enquiry which is not addressed in this pocket guide or in the FAQs, you can send your enquiry to [email protected]
Date of issue: 21 February 2018

Download the Vat Increase FAQ sheet here (The link was removed from the SARS website)
Download the VAT Increase announcement here (The link was removed from the SARS website)

Newswire

Newswire

The Platinum Wealth Newswire publishes content from opinion pieces submitted by various financial writers, journalists and analysts. Got a story? Send us an email to: news [at] platinumwealth.co.za