12 March 2018 Lesotho issues 2018 budget with VAT rate increase proposed from April 1 Lesotho's Honorable Minister of Finance said in his budget speech of February 28 that the 2018-19 budget will move the country forward if all is implemented as planned. One of the major proposals is a Value Added Tax (VAT) rate increase to 15% to align with South Africa's proposed VAT rate increase. Generally, after the budget has been presented to Parliament, it goes to the relevant parliamentary committees where it will be discussed in detail. This process is currently in progress and it is our understanding that the proposed VAT rate increase has been given two weeks to be discussed. If approved by Parliament, the proposed increase will be effective from April 1. Document ID: 2018-0543 |
