The South African Parliament Finance Committee has announced that it has "reluctantly" accepted the 1% increase in the standard value added tax (VAT) rate from 14% to 15%, finding that budget needs outweigh the negative impact of the increase on the poor and lower-income earners. The increase, which has already been implemented from 1 April 2018, requires approval in Parliament to be made permanent.
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Finance Committee reluctantly accepts VAT increase
After considerable consultation and…