Once implemented on 1 May, undoing the VAT hike could prove nearly impossible. Even if Parliament later votes against the Rates and Monetary Amounts Bill, the logistics of refunding the collected VAT present formidable challenges.
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
The move will limit taxpayer defences that rely solely on claiming an unintentional mistake.
Unathi Kamlana says the Authority will support the integration of advanced technologies and strengthen frameworks for consumer protection, cyber resilience, and financial inclusion.
The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.
‘Due to the complexity and seriousness of this case … it deserves the attention of the Supreme Court of Appeal,’ says Judge Leonard Twala.
While South Africa is on track to exit the grey list by October, National Treasury emphasises the importance of long-term improvements and continuous progress in financial regulation.
The Minister of Finance cites an average 19% VAT among peers to argue that South Africa’s 15% rate is low, but isolated comparisons miss key factors such as exemptions, corporate rates, and overall business costs.
How the general and specific time-of-supply rules will determine whether transactions fall under the existing 15% VAT rate or the increased rate.
A comprehensive round-up of the tax proposals affecting individual taxpayers and consumers.
With the government now R8.6 billion short, planned social grant increases have been slashed – while Home Affairs and border management also see deep budget cuts.
As the KwaZulu-Natal government scrambles to keep Ithala afloat, its urgent request for a R2.4 billion loan from National Treasury sparks confusion – especially given an earlier government guarantee.
Financially squeezed government wants to overturn a judgment declaring aspects of the SRD regulations unconstitutional.
ASISA warns that reclassifying collective investment scheme portfolios as profit-making schemes will undermine years of established investment policy.
Experts slam the idea of a VAT increase, pointing to a record tax burden and bloated expenditure. From uncollected billions to inefficient governance, the real fix lies in reining in waste, not squeezing taxpayers.
South Africa is yet to demonstrate ‘sustained effectiveness’ in investigating and prosecuting serious money laundering and terrorist financing activities
Instead of hiking VAT, the government could fix its tax collection problems, improve state resource management, and stimulate the economy to boost revenue.
