Bank Better, Live Better
have you felt the vat increase?20/04/2018
We share some views on the VAT increase as well as practical tips on how to navigate it.
Every consumer is in some way affected by the increase in value added tax (VAT) from 14% to 15% since the beginning of April. We decided to find out how much the cost of some items have changed and also, how people feel about it.
Luckily, it’s not all doom and gloom. See our tips below on how you can still #LiveBetter. And in other good news, Capitec has absorbed the VAT increase on the fees for electronic payments on our app, Internet banking and USSD, helping to soften the blow even more.
Your grocery expenses
The cost of groceries increased only marginally if you look at individual items. However, it definitely affects the total cost of your grocery basket. Here’s an example:
|Frozen fish (400g)||R72.62||R73.35|
|Frozen chips (1kg)||R35.99||R36.35|
|Sliced cheese (200g)||R26.22||R26.48|
Do South Africans feel it?
People’s feelings are very mixed. Some say they had not yet noticed the effects of the higher VAT rate, while others complain about the pinch. Watch the video to hear a few public opinions.
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