VAT outrage could bring public talk forword

GOVERNMENT is
considering holding
public hearings on the on
the Rates and Monetary
Bill within the next few
weeks, rather than in
November, when the
Bill is normally voted
on each year.
The one percentage
point increase in VAT,
as announced in former
Finance Minister Malusi
Gigaba’s 2018 Budget
Speech, has been met with
public criticism.
On Tuesday (February
27), Parliament released
a statement saying that in
view of the strong feelings
about the VAT increase,
the Standing Committee
on Finance and Select
Committee on Finance was
considering holding public
hearings early.
In terms of the Money
Bills Amendment
Procedure and Related
Matters Amendment
Act, both Houses of
Parliament have to
finalise the fiscal
framework within 16
days of the Budget being
introduced to Parliament,
due to the tax year
commencing on March 1,
and the financial year on
April 1, each year.