Friday, May 11, 2018
South Africa's National Treasury is inviting the public to contribute to a review of the list of items zero-rated for value-added tax purposes.
In a May 10 press release, the National Treasury invited interested stakeholders to make written submissions to the Independent Panel of Experts undertaking the review of zero-rated items, the terms of reference for which were published by the Minister of Finance last month.
As well as evaluating whether the list achieves its original objectives, the panel's remit includes considering ways to mitigate the impact of the recent VAT rate increase on poor and low-income households.
Following an announcement in the 2018 Budget, the rate of VAT increased from 14 percent to 15 percent on April 1, 2018.
Written submissions to the review must be submitted by the close of business on May 24, 2018.