Customs drops interest rates

THE DROP in national interest rates has filtered through to the government's customs and revenue departments. Interest on outstanding amounts has been dropped by both sections.
Under the Customs and Excise Act of 1964, interest on outstanding duty payable has remained at 19%. This has now been reduced to 16%.
In terms of the VAT Act of 1991, outstanding amounts were charged at an interest of 1,6% per month. This has been reduced to 1,3% per month.
On the other hand where any amount is refundable to the vendor in terms of the Act, interest has been payable to the commissioner of revenue at the rate of 18% per annum. This rate has been reduced to 16%.