VAT INCREASED FROM 14% TO 15%.

 There is a massive gap in the country's finances, to put it bluntly. South Africa has an R48  billion hole in the fiscus that needs to be filled , and part of finance minister  Malusi Gigaba's solution in last week 's 2018 budget was to push up value-added tax (VAT)  by 1 percent point, as of 1 April 2018.This is the first increase in VAT in 25 years .
Joubert emphasized that  not everything you spend on will be affected essential items and services such as zero -rated foods,rent and accommodation, interest on loans and school fees are all exempt.

 Vat will mostly effect  negatively poor  because they will have to pay more of which they receive low incomes but as for rich people wiill not  even realise the increase of vat but poorer will face consequently of Vat.Then what does this increment mean to the taxpayers.

Comments

  1. Khanide Kulani21 March 2018 at 15:41

    Tax increase will affect low income earners negatively because they will have to pay more than others

    ReplyDelete

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