Vat & Property
Category Industry News
Recently, after much speculation, then Finance Minister Malusi Gigaba (now replaced by Nhlanhla Nene) announced a raise of the percentage of Value Added Tax (VAT) from 14% to 15%, effective from the 1st of April 2018.
While many wonder whether this is the way forward, it should be noted that VAT hasn’t had an increase since 1993, and this increase will generate a further R36 billion per annum for the government.
With the upcoming change in the VAT rate, thoughts went to property transactions and when does VAT apply to a property sale as opposed to Transfer Duty?
https://nonres-sa.com/vat-property/?platform=hootsuite
Author: Non Res SA
