Price hikes loom following Treasury’s decision to increase VAT
The Treasury has decided to increase the Value Added Tax (VAT) by 1% over two years. If all goes according to the Finance Department's plan - from next month, all taxable goods and services will reflect a 0.5% hike, while another 0.5% increase will come into effect next year - taking the country's VAT rate to 16% during the 2026/2027 financial period. Finance Minister, Enoch Godongwana, revealed his revised budget […]