Former Finance Minister of South Africa, Mr Malusi Gigaba, announced a 1% increase in the value-added tax (VAT) rate in the official budget speech on 21 February 2018. This 1 percentage point increases the VAT to 15% and will come into effect on 01 April 2018.
All properties within the Mantis portfolio will absorb the 1% VAT increase on all published and contracted rates. Due to our diverse portfolio, we effectively have published rates valid until 30 September 2018, 31 December 2018 as well as 30 April 2019. We will re-issue the existing rates to reflect the 15% VAT of which 1% will be absorbed by the property. Mantis will in due course release the 2019 rates to which the full 15% VAT will be applicable from October 2018, January 2019, and May 2019 respectively.
For any queries please contact Mantis’ Central Reservations Manager, Liezl Meyer, on firstname.lastname@example.org or +27 41 404 9303.