South Africa Guides On Impact Of April VAT Hike
by Lorys Charalambous, Tax-News.com, Cyprus
28 February 2018
South Africa has issued a guide on the value-added tax rate increase to 15 percent from 14 percent due to take effect from April 1, 2018.
From April 1, 2018, all taxable goods or services supplied by vendors, goods imported, as well as certain services supplied by non-residents to residents for non-taxable or private use (imported services) will be subject to the VAT rate of 15 percent.
The guide sets out how to determine the taxable event for transactions. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply rule or a rate specific rule applies.
The guide also sets out rules concerning pricing, contractual agreements including the 14 percent rate, changes required of businesses with regards their billing and accounting systems, the obligation on taxable persons to ensure that the correct rate of VAT is levied, including with regards inputs, the specific rules for imported goods, changes to VAT forms, and input tax credit rules for supplies subject to the 14 percent rate.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »