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.
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.
Instead of hiking VAT, the government could fix its tax collection problems, improve state resource management, and stimulate the economy to boost revenue.
The VAT hike could add R58bn to government revenue, but with coalition partners clashing over its impact on ordinary South Africans, the debate over how to fund critical services without deepening the cost-of-living crisis is far from settled.
A postponed Budget Speech means uncertainty for taxpayers, but the VAT hike and personal income tax adjustments offer insight into the government’s fiscal strategy.
A dip in corporate and VAT revenues has left a R10bn hole in expected tax collections. As the Budget approaches, Treasury faces a difficult balancing act.
Can a creditor lose their right to enforce post-commencement debt? A High Court case sheds light on the fine print of business rescue rules and SARS’s role in enforcing tax obligations.
Exceeding the R1m threshold without registering could have serious consequences for businesses. SARS is stepping up enforcement, with a wave of cases landing in the Specialised Commercial Crimes Court.
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
The group claimed R200m in VAT refunds for importing, storing, and selling diesel.
SARS rakes in more from personal income and VAT, but corporate tax slumps by almost 9%.
Not providing tax relief will be a relatively easy way for a cash-strapped National Treasury to collect revenue.
