The South African Revenue Service (Sars) has given businesses and service providers that cannot immediately reverse the 15.5% VAT charge an opportunity to do so by May 15. This comes as thousands of companies and suppliers that have already incorporated the 0.5 percentage point increase scramble to reverse it.
Businesses including banks, cellphone companies, insurance firms and other service providers have already sent notices to thousands of customers informing them of the higher VAT charge kicking in on May 1. However, with finance minister Enoch Godongwana reversing the increase as a result of political pressure, these businesses are now under pressure to readjust their billing systems back to 15% VAT...
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