Sars on 3 November announced the insertion of rebate item 460.17/87.03/04.04 to Part 2 of Schedule No 4 to the Act to create a rebate item for vintage and/or internationally collectable motor vehicles classifiable in tariff heading 87.03 subject to both an import control and rebate permit issued by Itac.
The rebate item reads: “Motor cars and other motor vehicles principally designed for the transport of persons (excluding commercial vehicles or buses) including station wagons and racing cars, classifiable in tariff subheading 87.03, which were manufactured 40 years or more prior to the date of importation and/or such motor cars of any age which are determined to be international collectors' vehicles by Itac and subject to the issuing of an Itac import permit (subject to import control conditions) authorising the importation of the particular vehicle, under such conditions as Itac may allow by specific rebate permit.”
The extent of rebate is the full customs duty in Part 1 of Schedule No 1 to the Act, the reasoning for which is contained in Itac Report No 558.