💨 Abstract

The South African government has reversed its decision to increase Value-Added Tax (VAT) from 15% to 15.5%, effective from May 1st. This U-turn follows legal challenges by the Democratic Alliance (DA) and Economic Freedom Fighters (EFF) against the fiscal framework that paved the way for the VAT increase. The National Treasury will now propose maintaining the VAT rate at 15%.

Courtesy: www.thesouthafrican.com

Summarized by Einstein Beta 🤖