VAT increase to 15% kicks in today
The SA Revenue Service says it's ready to implement the new Value-Added Tax increase as of today.
SARS’ Narcizia Makwakwa says the increase will affect a number of industries.
"From today, VAT on standard-rated products will be charged at 15%, and no longer at 14%," he said.
He’s urging consumers to be aware of the purchases they make.
Former Finance Minister, Malusi Gigaba announced during this year’s Budget Speech that VAT would increase from 14 to 15% today.
ALSO READ: Treasury explains VAT increase for average consumer
Makwakwa says South Africans can also expect to see increases on transfer fees, SMS notifications, ATM fees and point-of-sale transactions.
"There are discussions happening at government level to increase the list of the basic food items. It's important to understand what are basic food items at 0% and what are standard-rated items at 15% VAT - so that you can be informed as a consumer," Makwakwa said.