Expect a 2% VAT increase

[dualmeister]

As mentioned already. If they spent the Trillions of Rands constructively that they stole, they would not be in this position.

 

[Mekon]

Goddam communists

 

[dualmeister]

https://www.iol.co.za/news/politics/we-postponed-budget-speech-because-it-was-not-finalised-not-because-of-anc-and-da-quarrels-says-cabinet-1a6ceb9b-b78a-4c92-a73a-1000d7c7cc29

So they could not meet their deadline. And then they want increases

'We postponed Budget Speech because it was not finalised, not because of ANC and DA quarrels', says Cabinet​

 

[Bad Ballie]

They'll threaten 2% and people will gnash their teeth, they'll settle on 1% and people will heave a sigh of relief.

People are not very bright.

 

[dualmeister]

So how is this going to work now. The new personal income tax was supposed to kick in 1 March (start tax year).

But, now the budget is going to be announced 12 March. So it will kick in 1 April?

Seems like a fun tax return coming.

 

[A3@MBB]

So how is this going to work now. The new personal income tax was supposed to kick in 1 March (start tax year).

But, now the budget is going to be announced 12 March. So it will kick in 1 April?

Seems like a fun tax return coming.

Payroll return for March PAYE only due 7 April.
New tax tables will be applied retrospectively for the 12 days.

 

[Y'all Qaeda]

That was last time. The reason it took them months to rectify was that they had to change it to a variable. They couldn't just do a search and replace and the 14% also relied on some assumptions that shouldn't have been made.

Now it would be a matter of changing a variable for a date range.

I see you assume that the owners/managers gave the devs time to redo their solution and implement a future proof solution. I doubt this is the case everywhere.

 

[hj007]

https://www.iol.co.za/news/politics/we-postponed-budget-speech-because-it-was-not-finalised-not-because-of-anc-and-da-quarrels-says-cabinet-1a6ceb9b-b78a-4c92-a73a-1000d7c7cc29

So they could not meet their deadline. And then they want increases

'We postponed Budget Speech because it was not finalised, not because of ANC and DA quarrels', says Cabinet​

Wow, that spin must make her dizzy.

 

[Oboe]

ANC INCOMPETENCE for all to see

 

[Mystic Twilight]

Payroll return for March PAYE only due 7 April.
New tax tables will be applied retrospectively for the 12 days.

Yea but the payroll admins who have people who get paid weekly need to know how much to pay to those workers, deductions for paye would be wrong if the tax tables change and they become eligible. And the types of workers who get paid weekly get really feisty when told they need to pay back money for tax.

 

[system32]

They'll threaten 2% and people will gnash their teeth, they'll settle on 1% and people will heave a sigh of relief.

Additional 2% rate is 13.3% increase in VAT collection
Additional 1% rate is 6.7% increase in VAT collection

 

[SeRpEnT]

Any figures out there for how much in Rand 2% extra VAT will raise?

In the past Cosatu and ANC steered far away from VAT increase talks and always seemed to favour taxing the rich and middle class to death.. This drastic 2% VAT decision must be based on some scary stats on how the alternative of taxing the middle and rich will look like and mostly likely some Laffer curve stats supporting it....

 

[OutlawJoseyWales]

So you hang around with other people equally as deluded as yourself?

Yeah we know, old news pal.

Oooo all these "you're crazy" posts didn't age well.......

 

[FiestaST]

https://twitter.com/x/status/1892259829999145033

 

[PlanesTrainsAutomobiles]

How many zero-rated food items do we have in SA?

If VAT is increased, the least they can do is increase the list of zero-rated food items to help the poorest of the poor.

 

[R13...]

How many zero-rated food items do we have in SA?

If VAT is increased, the least they can do is increase the list of zero-rated food items to help the poorest of the poor.

That is exactly what was in the budget. VAT increase and an expansion of zero rates foods.

 

[xcaliber]

Vat increase is fair.

 

[PlanesTrainsAutomobiles]

That is exactly what was in the budget. VAT increase and an expansion of zero rates foods.

Thank you. I was not aware of that.

 

[Craig_]

To be fair, if we are increasing taxes with a VAT increase atleast we are all paying and not just a select few through income tax.

Agreed, this is bad but better than an increase in personal Income Tax. The tax brackets should also be properly adjusted to account for those of us who don't get increases.

 

[Craig_]

So your idea is to punish the South African wine Industry. Most wine farms just about break even as it is. Gud idea.

Exactly, these dumb fools have no idea how many people get their daily bread and butter from the wine industry, just idiotically parroting the same thing on repeat.