This week’s selected highlights in the Customs and Excise environment:
1. For those who missed it, we issued a Special Edition Alert on 22 February 2017 relating to Minister Gordhan’s Budget Speech.
2. The Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill dated 22 February 2017 has been published for comment, which comments are due on 31 March 2017. It aims to amend tax legislation in accordance with the Budget Speech, including increases in excise duties & levies and the imposition of the “health promotion levy on sugary beverages”.
3. The amendment of Schedule 1 Part 1, by the substitution and insertion of various tariff subheadings under headings 72.19 and 72.20 to increase the rate of customs duty on flat rolled products of stainless steel from free of duty to 5%.
4. Please contact us if additional information is required.