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Learn about the latest in the world of Accounting and Tax
All individuals who are currently employed or were employed between 01 March 2024 to 28 February 2025, tax season is currently underway until 20 October 2025
Ensure that your company provides you with an IRP5 Certificate relevant for the period 01 March 2024 to 28 February 2025. If you changed employers during this period, then you will need IRP5 certificates from all the employers you worked for during this period.Contact us for more information and further assistance
The VAT increase was announced in the Minister of Finance's Budget Speech on 12 March 2025. The standard rate of VAT was meant to change from 15% to 15.5% on 1 May 2025 (the effective date) and would continue to apply until the effective date of the second rate increase of 0.5% (bringing the VAT rate to 16%) from 1 April 2026. HOWEVER, this decision was reversed resulting in the standard rate remaining at 15%.
What does this mean for your business? Your business will continue to charge Output VAT of 15% for taxable supplies and claim Input VAT of 15% for allowable deductions.