Absa has informed clients it will increase fees in line with the VAT increase announced by National Treasury.
“South African VAT increases to 15% on 1 April 2018. Your fees and/or instalments will be adjusted accordingly,” said Absa.
All fees which are subjected to VAT will be adjusted, it added.
Standard Bank and Capitec have also announced adjustments to their fees due to the increase in VAT.
Many service providers have also announced that they will be adjusting their fees, including Telkom, Cell C, Vodacom, and MTN.