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

UK MP Calls for Scrapping VAT Applied to Sunscreen

UK MP Chris Bryant calls for scrapping the 20% VAT rate applied to sunscreen products, encouraging more people to regularly use it.

Read more
Greek VAT Reductions Aims to Increase Tourism

On the eve of a European election, Greek Prime Minister Alexis Tsipras proposes a number of significant tax reductions focusing on increasing tourism to the country.

Read more
New 'Super Weapon' Against VAT Fraud In Europe

The Transactional Network Analysis quickly uncovers suspicious transactions and fraudulent VAT activity.

Read more