Source: Marx Attorneys
What rate of VAT applies to you if you bought or sold property before the 1 April increase from 14% to 15%?
There’s a lot at stake here – if for example you bought a house from a developer for R10m + VAT, that extra 1% adds R100,000 to your cost.
Let’s have a look at what SARS has to say about it, and at a little-known (until now) section of the VAT Act that provides some relief to residential property buyers…
