vat was first introduced in the uk in 1973.
when was vat first introduced in the uk?
1973
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value added tax (vat) is a broad tax made by vendors on the supply of goods and services that is charged upon purchase. vat must be paid irrespective of whether or not it is a capital good or trading stock so long as the vendor uses the goods in his/her enterprise. it's compulsory for a business to register vat remission when the value of taxable supplies in a 12-month period exceeds or is expected to exceed r1 million. vat in south africa currently stands at 15% as of 1 april 2018. value added tax (vat) was first introduced in south africa on 29 september 1991 at a rate of 10%. in 1993 vat was raised to 14% and to 15% at the national budget speech in february 2018. if given price on an item charged by a vendor does not mention vat then that price is deemed to include vat.
taxation in south africa