VAT is an indirect tax charged on most goods and services in South Africa at the standard rate of 14%. VAT applies to taxable supplies which include goods and services but exclude things like labor services or occasional private sales. There are three types of supplies for VAT - standard rated at 14%, zero rated at 0%, and exempt not subject to VAT. Standard rated applies to most items while zero rated includes basic necessities. Exempt items include financial services and residential rentals. [/SUMMARY]