South Africa Announces 2018 Budget Measures

February 26, 2018 Kaitlyn Smethurst

South Africa's Finance Minister, Malusi Gigaba, presented the 2018 Budget to the National Assembly February 21, 2018. In his speech, Minister Gigaba announced several tax measures to address the budget deficit currently faced by the South African Ministry of Finance. Notably, the Minister has proposed an increase in the VAT rate from 14% to 15%. If the budget bill, as proposed, is signed by the President this new rate will go into effect on April 1, 2018.

For more details on the 2018 Budget, see the National Treasury's 2018 Page. In addition, the Finance Minister's speech made in front of Parliament can be found here

About the Author

Katie Smethurst is a Junior Regulatory Counsel at Sovos. Within Sovos’ Regulatory Counsel function, Katie focuses primarily on international and U.S. based indirect tax research and analysis. Katie is a member of the Massachusetts and New Hampshire Bars, earned her B.A. from Roger Williams University and earned her J.D. from Suffolk University Law School.

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