With reference to the recent increases in VAT and Fuel and the land question: VAT goes up to 15% Petrol goes up by the highest rate in a long time Fuel is expected to increase by a large amount again next month The question of land re-distribution without compensation is on the table again. For the increases above Government now gets a larger bite in tax and duties and Government stands to gain the most in terms of land re-distribution. AND THEN the President of South Africa, … [Read more...] about VAT, Fuel, Land: Can YOU Explain this to me?
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VAT panel will not review fuel price hikes
National Treasury has clarified that the mandate of the Independent Panel of Experts appointed to review the current list of zero-rated items has not been expanded to look at the impact of fuel hikes. “National Treasury has noted media reports that Cabinet has expanded the mandate of the Independent Panel of Experts appointed to review the current list of zero-rated items to include the impact of fuel hikes. This is not true,” said Treasury on Thursday. Treasury said the statement on the … [Read more...] about VAT panel will not review fuel price hikes
Consumers cautioned ahead of VAT and Fuel Levy increases
20 MARCH, 2018: Despite the recent positive sentiments about South Africa’s economy, the challenges facing it remain and the state’s overall fiscus set the tone for a trying budget in 2018. Ahead of the implementation from April 1 of a number of budgetary pronouncements, consumers are reminded to remain cautious of the tariff hikes. Against the backdrop of an uncertain political landscape, a number of factors will continue to pressure consumers who are – and have ambitions to be – active in … [Read more...] about Consumers cautioned ahead of VAT and Fuel Levy increases
Tax system must be “redistributive”
Finance Minister Pravin Gordhan says the South African tax system has to be redistributive if the country is to usher in radical socio-economic transformation. The Minister said this when he interacted with captains of industry, school children and members of the public at a post-budget breakfast briefing in Newlands, in Cape Town, after delivering his Budget Speech in Parliament, on Wednesday. He said this in response to a reaction on National Treasury's decision to introduce a new tax … [Read more...] about Tax system must be “redistributive”
Could we be in store for a VAT hike?
A looming ratings downgrade, the falling rand and rising inflation means that the National Treasury will have to hike taxes even more significantly this year than in the previous few years. And much of this burden will land on consumers' shoulders, warned Old Mutual Investment Group senior economist, Johann Els, ahead of Wednesday's 2016 Budget address. To prevent a downgrade to SA's debt, the government would need to make some difficult decisions that will reduce the budget deficit faster … [Read more...] about Could we be in store for a VAT hike?
Could we see an increase in VAT?
The door for an increase in South Africa's 14% value-added tax (VAT) remains open, according to Finance Minister Nhlanhla Nene. Speaking to media ahead of his mini budget speech on Wednesday, Nene said the Davis Tax Committee "will look very closely at the need" for an increase in VAT and it will "look at any other taxes in our scheme". Former finance minister Pravin Gordhan launched the committee in 2013 to investigate the country's tax policy framework to help boost employment, fiscal … [Read more...] about Could we see an increase in VAT?
Putting the VAT screws on imported goods bought online
The public has until February 20 to make their input on the National Treasury's Electronic Services Regulations. In a statement on Thursday, National Treasury said the regulations have now been published for public comment. The publication of the regulations follows on Finance Minister Pravin Gordhan's announcement in the 2013 budget that all foreign businesses supplying e-books, music and other digital services in the country will be required to register as Value Added Tax (VAT) … [Read more...] about Putting the VAT screws on imported goods bought online
