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Change in VAT rate

Thursday, 22 February 2018   (0 Comments)
Posted by: Author: Di Hurworth
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Author: Di Hurworth (KPMG SA)

You will have noted that the Minister of Finance announced an increase in the VAT rate today, which will apply with effect from 1 April 2018.

The VAT Act contains a number of rules which cater for an increase in the VAT rate. These rules cover, for example, what happens when contracts have been entered into before the date on which the VAT rate is increased but where no invoice has yet been issued or payment received (ie the time of supply for VAT purposes has not yet happened).

We have set out below some examples to show how these rules will work.

Please click here to read more.

This article first appeared on sablog.kpmg.co.za.

 


 

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