VAT News

South Africa-VAT rate increase

The South African finance minister has recently announced an increase of 1 percentage point in the value-added tax (VAT) rate in the 2018 budget. As a result, the rate will raise to 15% in the first adjustment to taxation on goods and services under the ANC government.

The change represents the first VAT increase in 25 years,and is effective from 1 April 2018. The move is designed to raise public finances in the current difficult economic conditions.

In addition, excise duty on luxury goods will increase from 7% to 9%.

Related articles

Italian Government are Preparing for a No-Deal Brexit

Italian authorities have announced their plans ahead of the UK's possible no-deal Brexit departure.

Read more
Introduction of a U.S Consumption Tax Would Raise $3 Trillion

U.S. Consumption Tax of 5% could raise $3 trillion by 2028 says Congressional Budget Office.

Read more
EU Exit - Update from HMRC

HMRC outline important changes to customs procedures and VAT for UK-EU trade that will occur if the UK leaves the EU without a deal.

Read more