Page 3 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1

2. VAT in perspective

s 7: levies 14% on the supply of goods and services (was

10% before 07/04/1993)

VAT not unique S.A. (at least 140 countries around the world

also have VAT systems)

What is VAT? Tax on the consumption of goods & services.

VAT = inclusive tax (ss 64 and 65 – KL1)