Section 67A(4) of the VAT Act - a knight in shining armour for residential property sales deals?

© Olivier-Le-Moal – [[za.fotolia.com]]</span>By now the whole of South Africa is aware of the increase in the VAT rate to 15%, announced during the 2018 Budget Speech. The increase in the VAT rate (the first since 1993) is effective from 1 April 2018 and has raised a number of questions regarding the VAT implications of transactions that are currently being concluded. One of these questions is how does the increased VAT rate affect fixed property sales that are currently in progress or being negotiated (i.e. before 1 April 2018)?
Read more... | Send to a friend