- VAT increase scheduled for 1 May 2025 has been cancelled
- Court order reversed Finance Minister’s Budget 2.0 proposal
- Businesses must adjust invoicing, pricing, and compliance processes
- SARS released updated guidelines for businesses
- VAT rate remains at 15% as of 1 May 2025
- SARS Commissioner praised the court decision
- Companies must charge 15% VAT on goods and services
- Public outcry led to the cancellation of the proposed VAT increase
- Finance Minister responded to protests by cancelling the increase
- Businesses had already started preparations for the increase
- Accurate financial records and tax reporting are crucial
- SARS provided guidance for reversing the 15.5% VAT rate adjustments
Source: companypartners.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.
