- South Africa’s plan to increase VAT to 17% has been cancelled.
- The cabinet cancelled the budget speech and postponed it to March 12.
- The cancellation was due to a disagreement within the government over proposed tax changes.
- The proposed VAT increase to 17% from 15% drew criticism.
- The increase was planned to take effect on April 1, 2025.
- The government planned to extend zero-rating to certain goods to help poor households.
- The Democratic Alliance opposed the VAT increase.
Source: businesstech.co.za
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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