Thursday 2018-07-19

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VAT GOES UP TO 15% NEXT MONTH

By Lungelo Nkambule | 2018-07-12

The one per cent increase on the value added tax (VAT) will come into effect on August 1.

Following the increase in  South African VAT by a similar per centage, there was expectation that the same would happen in the country and in his budget speech, Minister of Finance Martin Dlamini announced that it would be increased  in the country as well. Information gathered from sources is that the minister of finance has implemented this and the VAT increase will come into effect on August 1. “It’s been done, approved by all structures and it will come into effect on August 1," the source said.

Efforts to reach the minister and principal secretary were futile because both their mobile phones rang unanswered.

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