Topic: South African VAT Increase
RSA is increasing VAT from 01/04/2018 from 14% to 15% VAT.
I have seen only one suggestion to:
1. Complete all transactions by 31 March 2018
2. Change the Input and Output Vat % on the 01/04/2018 to 15%
This creates a problem when you have to do credit notes. If the invoice was issued at 14%, the credit note should also be done with 14% VAT.
I there any other workable solution or is this the only way to deal with the increase in VAT.