The National Treasury is officially increasing VAT from 14% to 15% on the 1st of April 2018, which will affect our transaction rates. The table below shows you the effective rates incl. VAT that will be charged as of 1 April. SARS have also published a useful FAQ guide to the VAT increase, available here.
We’re constantly working with our partners and suppliers to reduce our rates. The fastest way to do that is to grow the number of businesses we’re serving and the volume of card transactions that we’re processing. This means you can assist us by referring more businesses to Yoco using your referral code.
Rates Table including 15% VAT
|Band||Rates (ex VAT)||New rates incl. VAT @ 15%||Old rates incl. VAT @ 14%|
|R0 - R20 000||2.95||3.39||3.36|
|R20 000 - R40 000||2.85||3.27||3.24|
|R40 000 - R60 000||2.75||3.16||3.13|
|R60 000 - R80 000||2.65||3.04||3.02|
|R80 000 - R100 000||2.6||2.99||2.96|
|R100 000 +||Custom rates|
What does this mean for my Sales?
On the 1st of April, we’ll automatically update your Yoco system with the 15% VAT charged on your sales. If you’ve added products to your Yoco POS, the product prices will remain the same.
If you’d like to view or update your VAT settings, navigate to your Business details in the Business Portal and if you’d like to update your product prices or VAT settings on particular products, navigate to your Manage Products page in the Business Portal.
I’m VAT registered, what does this mean to me?
As always, if you’re VAT registered, you’ll be able to claim the VAT portion of these fees back from SARS.