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Budget 2018: VAT is increased

 

For the first time in democratic South Africa the increase in value added(VAT)  from 14%, to 15%, with effect of 1 April 2018, is a tough political choice.  

 The VAT hike is central in a set of tax increases, including higher estate and luxury goods duties and an extra 52 cents per litre in fuel levies, to generate an additional R36-billion for the national purse. The tax hikes come alongside R85-billion government expenditure cuts over the next three years to fund inclusive economic growth and social spending, from free higher education to health care and social protection.

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Courtesy of Financial Mail

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