Report praises Sars and South Africa’s efficient VAT system

South Africa has an efficient VAT system that compares well with international benchmarks, according to a Davis Tax Commission report.

Other highlights of the report include:

  • The importance of Sars’ modernisation efforts to become a world-class tax administrator and collections agency.

  • The significant role that the financial services industry plays in the South African economy.

  • Further work that needs to be done by Sars and Treasury to consider measures adopted in other jurisdictions to prevent increased costs.

  • More work that needs to be done regarding electronic commerce.

We interviewed Charles de Wet, Tax Partner at PwC, who welcomes the Davis Tax Commission’s report.

Scroll down to listen to the audio.

We’ve been saying for years that government should raise VAT. It’s almost certain we’ll see this in the Budget next year. Our VAT rate of 14% is quite low by international standards.

Charles de Wet, Tax Partner at PwC

There’s a push around the world towards more VAT. It’s easier to audit and monitor.

Charles de Wet, Tax Partner at PwC

This article first appeared on 702 : Report praises Sars and South Africa’s efficient VAT system


Recommended

by THE NEWSROOM

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Economic researcher slams anti-poor VAT hike

Economic researcher slams anti-poor VAT hike

The Money Show’s Bruce Whitfield interviews Wits economic researcher Gilad Isaacs.

How to capitalise on an environment that has suddenly turned for the better

How to capitalise on an environment that has suddenly turned for the better

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

How to plan financially, considering you’re poorer after Gigaba's hectic Budget

How to plan financially, considering you’re poorer after Gigaba's hectic Budget

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

Sars gives tips on Tax Season 2015

Sars gives tips on Tax Season 2015

We interviewed a Sars operational executive about this year's tax season. We also took questions from listeners.

Sars to clamp down on tax fraudsters to meet R1.1 trillion target

Sars to clamp down on tax fraudsters to meet R1.1 trillion target

The tax season kicked off on July 1st and we spoke to Sars' Group Executive for Escalation and Support about their return targets.

10 reasons why this is BY FAR the best way to save for retirement

10 reasons why this is BY FAR the best way to save for retirement

Is there a single best way to build your wealth so you can retire with dignity? Yes, there is, despite costs and limitations.

Popular articles
[LISTEN] DA objects to Gigaba delivering #Budget2018 speech after court order

[LISTEN] DA objects to Gigaba delivering #Budget2018 speech after court order

Members of Parliament object to Finance Minister Malusi Gigaba delivering budget 2018.

Saps: Attackers spared 5 female cops in Ngcobo police shooting

Saps: Attackers spared 5 female cops in Ngcobo police shooting

E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.

Missing Cape Town couple's vehicle found north of Durban

Missing Cape Town couple's vehicle found north of Durban

Hawks spokesperson says the couple has not yet been located and their names will not be released as yet.