Subscribe to industry newsletters

#MandelaMonth

Advertise on Bizcommunity

Panel of experts on VAT calls for submissions

The Independent Panel of Experts, set up to review the current list of zero-rated Value Added Tax (VAT) items, has invited all interested stakeholders to make written submissions for their consideration.
© rawpixel – 123RF.com
Minister of Finance Nhlanhla Nene on 25 April 2018, published the terms of reference for the panel of experts which will consider the most effective way to mitigate the impact of the increase in the VAT rate on poor and low-income households.

The panel is mandated to take public submissions, convene hearings, and engage with different stakeholders from civil society organisations, organised labour and business, and all other interested parties.

As part of carrying out its mandate, written submissions and any other queries can be submitted via e-mail to by close of business on 24 May 2018.

South Africa’s VAT system includes 19 basic food items that are zero-rated. These are:
  • dried beans
  • samp
  • maize meal
  • rice
  • brown bread
  • vegetables
  • fruits
  • vegetable oil
  • mealie rice
  • pilchards in tins
  • edible legumes and pulses of leguminous plants
  • eggs
  • milk
  • dried mealies
  • dairy powder blend
  • lentils
  • cultured milk
  • milk powder
  • brown wheaten meal
The R1.67 trillion Budget tabled by former Finance Minister Malusi Gigaba in the National Assembly in February raised VAT by a percentage point to 15%.

VAT had previously been pegged at 14% since 1993.


SOURCE

SAnews.gov.za
SAnews.gov.za is a South African government news service, published by the Government Communication and Information System (GCIS). SAnews.gov.za (formerly BuaNews) was established to provide quick and easy access to articles and feature stories aimed at keeping the public informed about the implementation of government mandates.
Go to: http://www.sanews.gov.za
Comment

Related

News