The increase was announced in the Minister of Finance’s Budget Speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% on 1 April 2018 (the effective date). How will this VAT increase affect property transactions, property registrations and estate agent commissions? Question 1: How will the rate increase work generally for fixed property transactions? The rate of VAT for...
Hereby a summary of the most significant proposals for the 2018/2019 Budget as tabled by the Minister of Finance 2018/2019 Tax Proposals: VAT: A one percentage point (1%) increase in VAT from 14% to 15%. No adjustments to the top four income tax brackets. Below inflation adjustments to the bottom three income tax brackets proposed. Fuel Levies: Overall increase of 52c/litre for fuel, consisting...
Section 129, read with Section 130, of the National Credit Act (“the NCA”) provides that when a consumer falls into default in terms of a credit agreement, the creditor is required to send a written notice to the defaulting consumer to advise the consumer that the credit agreement be referred to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction with the...
