Value-Added Tax is commonly known as VAT.
VAT is an indirect tax on the consumption of goods and services in the economy. Any person that carries on a business may register for VAT if they meet the registration requirements. It become mandatory to register for VAT if the taxable supplies made or to be made is, in excess of R1 million in any consecutive twelve month period.
The new VAT rate of 15% is effective from 1 April 2018.
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