the purpose of vat in south africa is to increase central government revenues.
the purpose of vat in south africa is to increase central government revenues.
what is the purpose of vat in south africa?
central government revenues
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value added tax (vat) is a broad tax made by vendors on the supply of goods and services that is charged upon purchase. vat must be paid irrespective of whether or not it is a capital good or trading stock so long as the vendor uses the goods in his/her enterprise. it's compulsory for a business to register vat remission when the value of taxable supplies in a 12-month period exceeds or is expected to exceed r1 million. vat in south africa currently stands at 15% as of 1 april 2018. value added tax (vat) was first introduced in south africa on 29 september 1991 at a rate of 10%. in 1993 vat was raised to 14% and to 15% at the national budget speech in february 2018. if given price on an item charged by a vendor does not mention vat then that price is deemed to include vat.
taxation in south africa