Tag: Medium Term Budget Policy Statement (MTBPS)
South African Parliament rubberstamps 1% VAT increase
Parliament has agreed on the VAT increase, but still feels there are more ways to assist poor South Africans.
After three sets of public hearings, Parliament’s Standing Committee on Finance has accepted the 1 per cent value-added tax (VAT) increase.
The committee previously expressed serious reservations with the increase, saying it would have a negative impact on the poor and lower-income earners, whose pockets have already been hit hard by fuel hikes and the general cost of living.
“The
