Treasury announces panel of experts to review VAT zero-rated items
Finance Minister Nhlanhla Nene announced that Stellenbosch University's Professor Ingrid Woolard will chair the nine-member independent panel of experts that will review the current list of Value-Added Tax (VAT) zero-rated items.
Woolard is currently dean of Economic and Management Sciences at Stellenbosch University. The other members are: Ayabonga Cawe, Professor Ada Jansen, Dr Thabi Leoka, Dr Neva Makgetla, Lynn Moeng, Cecil Morden, Prenesh Ramphal and Professor Imraan Valodia.
Last month, Nene made a commitment to appoint an independent panel of experts, under the Davis Tax Committee, and publish terms of reference to review the current list of VAT zero-rated items. The increase in the VAT rate from 14 to 15 percent took effect on 1 April.
National Treasury said that the panel's mandate is to review the current list of VAT-zero rated items and consider the most effective way to mitigate the impact of the increase in the VAT rate on poor and low-income households.
The panel will take public comments, convene hearings, and will engage with different stakeholders from civil society organisations, organised labour and business, and deliver an initial report with recommendations to the Davis Tax Committee and the minister by 30 June 2018.
South Africa's VAT system includes 19 basic food items that are zero-rated, including dried beans, samp, maize meal, mealie rice, vegetables, fruits, milk and rice.
Treasury said the review will consider expanding the list of basic items that are VAT zero-rated, and consider how specific expenditure programmes can be improved to better target poor and low-income households.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation