The South African Parliament Finance Committee has announced that it has "reluctantly" accepted the 1% increase in the standard value added tax (VAT) rate from 14% to 15%, finding that budget needs outweigh the negative impact of the increase on the poor and lower-income earners. The increase, which has already been implemented from 1 April 2018, requires approval in Parliament to be made permanent. --- Finance Committee reluctantly accepts VAT increase After considerable consultation and deliberation, including three sets of public hearings, the Standing Committee on Finance has reluctantly accepted the 1% value-added tax (VAT) increase. At the public hearings...