The VAT increase has been accepted – here’s when it might be reviewed

[BusinessTech]

The VAT increase has been accepted – here’s when it might be reviewed

Parliament's Finance Committee has officially accepted the 1 percentage point increase to value-added tax (VAT) introduced during this year's budget.

 

[The Trutherizer]

I have to laugh... At our company (software solutions provider) we not only adapted all source to 15% vat as was required, but we future proofed every bit of legacy code by making it configurable with rates over time (for backwards compatible calculations on older records wherever it might be needed - you know... legacy code and data...).

But I know of some people (other company) who just hard-coded everything! Again! lol Oh well. I suppose they did not need the backwards compatible calculation of historic data and we'll lose out on some billing this round. But we'll definitely be laughing Which is nice.

I sometimes wonder if economists and regulators even know about the trauma they can cause in the IT world...

 

[Deadmanza]

WTF! Seriously **** this **** hole of a country and its constant theft and corruption! We don't have more to give you slimy, fat ****s!

 

[Fulcrum29]

https://mybroadband.co.za/forum/threads/warning-of-second-increase-in-vat.982145/post-22262945

So let the fear mongering begin because some twat decides to claim that there is a "possibility" of another VAT increase. There is also a possibility that aliens will land this year in Africa.

 

[R13...]

WTF! Seriously **** this **** hole of a country and its constant theft and corruption! We don't have more to give you slimy, fat ****s!

Calm down Bender, this is the same increase you're currently paying.

 

[Agent_Smith]

“More than ever, parliament and government have to ensure that more revenue is secured through considerably strengthening capacity at the South African Revenue Services to raise more revenue, drastically reducing wasteful expenditure and more effectively tackling the illicit economy and corruption."

Bla bla bla, yadda yadda...

 

[Fulcrum29]

He added that the committee welcomed the zero-rating of white bread flour, cake flour and sanitary pads, as well as the decision to provide free sanitary pads to learners.

My domestic used to moan about sanitary pads, said that is too expensive and unable to maintain in school.

 

[Deadmanza]

Calm down Bender, this is the same increase you're currently paying.

Seriously?
Wasn't made clear in the article. Well this is embarrassing.
Still think they should stop stealing.

 

[Fulcrum29]

Calm down Bender, this is the same increase you're currently paying.

I initially thought that an increase may only be introduced by parliament, then how come they only accept it now when it is already in the system?

The committee said that it believes that the increase has to be reluctantly accepted, but should be reviewed at the end of the third year of its implementation 1 April 2021 – following an evaluation of the impact of the rate on revenue collection and the poor.

Say they refused the increase?

 

[R13...]

Seriously?
Wasn't made clear in the article. Well this is embarrassing.
Still think they should stop stealing.

It was probably intentional for cheap shock value. It does state it was increased during this year's budget but neglects to clarify that the committee was referring to the same increase to 15%.

 

[R13...]

I initially thought that an increase may only be introduced by parliament, then how come they only accept it now when it is already in the system?

Say they refused the increase?

Probably some bureaucratic formability.

 

[Fulcrum29]

Probably some bureaucratic formability.

It just comes to me that the decision of increasing VAT was made without due process,

However, it believes that there can be more targeted expenditure to cushion the effects of VAT on the poor, by reprioritising within the expenditure ceiling.

National Treasury needs to effectively consider the possibilities of increasing the allocation of free water and electricity to indigent households and vouchers for uniforms for learners at no-fee schools for locally produced school uniforms, he said.

and only now they are 'suggesting' measures to mitigate the effect of an increase on the poor.

 

[The Trutherizer]

Seriously?
Wasn't made clear in the article. Well this is embarrassing.
Still think they should stop stealing.

Don't worry lol I also thought it was a brand new increase.

 

[Alton Turner Blackwood]

Calm down Bender, this is the same increase you're currently paying.

Inside Deadmanza's CPU:
*processing
*processing
WTF R13... you mean we're being raped with an additional 15% VAT increase?? **** you R13...!!!! **** all those motherfuckers in the ****ing parliament@! **** this ****!

 

[Deadmanza]

Inside Deadmanza's CPU:
*processing
*processing
WTF R13... you mean we're being raped with an additional 15% VAT increase?? **** you R13...!!!! **** all those motherfuckers in the ****ing parliament@! **** this ****!

Been a long year! Need a holiday

 

[stormiezzz]

I think I should start a business selling puss lappe

 

[WaxLyrical]

Inside Deadmanza's CPU:
*processing
*processing
WTF R13... you mean we're being raped with an additional 15% VAT increase?? **** you R13...!!!! **** all those motherfuckers in the ****ing parliament@! **** this ****!