PwC says VAT hike possible in budget announcement

[Hanno Labuschagne]

PwC says VAT hike possible in budget announcement

South Africa’s National Treasury may have to hike value-added tax (VAT) on some goods and services to bring in new revenues, accounting firm PwC said.

Finance minister Enoch Godongwana in November signalled that he would announce new tax measures to raise an additional R15 billion rand in his 21 February budget.

[Bloomberg]

 

[FaSMaN]

How about we just push the vat up substantially , remove vat from necessities, then remove income tax all together?

 

[Captain Slog]

That will never happen during an election year!

 

[Captain Slog]

PwC says VAT hike possible in budget announcement

Finance minister Enoch Godongwana in November signalled that he would announce new tax measures to raise an additional R15 billion rand in his 21 February budget.

[Bloomberg]

Perhaps they should get together and and agree to steal R15 billion less!

 

[ShaunSA]

A twenty percent hike will pay for a lot more Tintswalo's

 

[Fuzzbox]

Stop the CADRES stealing and we would save that money easily.
You cannot TAX a nation into prosperity

 

[r00igev@@r]

That will never happen during an election year!

Hope it does. Yes, please.

 

[BuckRogers]

they should first check Ramaphosas sofa, maybe the 15bil they need is there already.

 

[Currantly]

How about we just push the vat up substantially , remove vat from necessities, then remove income tax all together?

I don't have a problem with VAT, in that it's an indiscriminate tax. The last VAT hike was supposed to solve all our problems, now we're apparently worse off than we were at the last increase...I agree though, if they want to increase VAT they have to provide other tax breaks to compensate.

 

[Jam Sandwich]

Can the VAT rate be increased at anytime?

 

[BuckRogers]

Hope it does. Yes, please.

I dont know hey. I understand that everyone pays - but it really hits some compulsory expenses like elec, meds etc hard

 

[Budza]

If you're surviving on a R350 SRD grant, how much VAT would you be paying anyway??

 

[Sideshow Bob]

If you're surviving on a R350 SRD grant, how much VAT would you be paying anyway??

They get VAT back plus they all get RDP houses, free transport and free electricity. You can have 10 kids and retire on a lavish income of R3500.

 

[UB40]

 

[UB40]

If you're surviving on a R350 SRD grant, how much VAT would you be paying anyway??

The R350 is only for airtime, everything else needed is stolen so that's basically VAT free

 

[BuckRogers]

Can the VAT rate be increased at anytime?

Only by the min of finance during the annual budget. The last time they hiked it (think 2018) it caused havoc for admin. The invoicing software used by my BIL factory could not update VAT from a certain date, so the moment you changed the rate, it updated invoices prior to the new rate as well. Hopefully it's improved by now.

 

[Swa]

FFS don't give them ideas.

 

[LinuxMan]

This gave me cancer

“They actually have an opportunity to actually link a VAT increase or justify a VAT increase by linking that to the SRD grant.”

 

[dualmeister]

That will never happen during an election year!

They can raise VAT and will still win the election.
Too many idiots voting for them still.

 

[NarrowBandFtw]

How about we just push the vat up substantially , remove vat from necessities, then remove income tax all together?

amen, though it will never happen, they much prefer to milk the "rich" and not treat taxpayers equally