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In the budget speech on 21 February 2018, the Minister of Finance announced that the VAT rate will change from 14% to 15% from 1 April 2018.
Here are some key points to take note of in terms of the change in VAT rate:
- We remind you that, from this date, you must adjust your accounting system in a way to ensure that invoices delivered at standard rates are issued at the new rate.
- If you use Xero Accounting; they have already assured us that the VAT rate will be changed by them online from 1 April 2018.
- If we are responsible for your company’s monthly accounting services and/or submitting your VAT return, please be assured that we will apply the correct VAT rate.
- Also note that you must check your purchase invoices and make sure that the rate change is applied to ensure that you claim the correct amount from the South African Revenue Service.
A guide that summarises the practical implications of the change in the VAT rate can be downloaded HERE.
If you have any further inquiries, please contact our accounting department to eliminate any confusion.