Preferential Rules of
Origin
The World Customs
Organisation (WCO) on
January 16 announced the
release of ANNEX III (Table
HS 2012 – 2017) to the ‘WCO
Guide for Technical Update of
Preferential Rules of Origin
– How to update the existing
Preferential Rules of Origin’.
The update reflects the recent
changes in the Harmonised
System (HS) 2012 - 2017
correlation tables.
Tax Administration
Laws Act
On January 19 the Tax
Administration Laws
Amendment Act (No 16 of
2016) was promulgated. It
amends the provisions of
the Customs and Excise Act,
1964, by (i) narrowing the
scope of provisions relating to
Special Economic Zones (SEZ)
and aligning the terminology
with that in the SEZ Act,
2014; (ii) broadening the
scope of provisions relating
to marking, tracking and
tracing of tobacco products
and makes certain changes
relating to the maximum
allowed weight of cigarettes
for import or manufacturing;
(iii) aligning the prescription
period for refunds to the
general prescription period
of three years; and (iv)
making changes to provisions
relating to the payment and
calculation of interest on
outstanding amounts.
Tax Laws Amendment
Act
Two amendments were
promulgated in the Act (No
15 of 2016). The first, the
insertion of Section 119A to
the Act, 1964, “Arrangements
for obtaining undue tax
benefits” under Chapter
XII “General”; and second
that every tariff amendment
during the period 01
September 2015, up to and
including 30 September 2016,
shall not lapse.
TFA – 3 to go
On January 20 Nigeria
became the 107th World Trade
Organisation (WTO) member
to ratify the Trade Facilitation
Agreement (TFA), requiring
only three more ratifications
for the TFA to enter into force.
TF Online Repository
The United Nations
Conference on Trade and
Development (Unctad) on
January 17, with the imminent
entry into force of the WTO’s
TFA, announced the launch of
the new multilingual version
of the UN Online Repository
for National Trade Facilitation
bodies.
Its release is very opportune
with the International Forum
for National Trade Facilitation
Committees scheduled in
Geneva, Switzerland, from
January 23-27.
The 155th HS
Contracting Party
Burundi, since October 20
1964 a WCO member, on
January 18 became the 155th
contracting party to the
International Convention on
the Harmonised Commodity
Description and Coding
System, also known as the HS.
5th Supply Chain
Finance Summit
The International Chamber
of Commerce (ICC) will hold
its next Supply Chain Finance
Summit in Singapore, from
March 2-3. The summit
serves as a global platform to
exchange insights and ideas on
the latest developments and
challenges in the supply chain
process.
Duty Calls Watch List
Comment on (i) the
application for the rebate
provision for used clothing
is due by January 27; and
(ii) the draft Regulations
on Mediation Rules in
terms of the Protection of
Investment Act, 2015 is due
by January 29.
Duty Calls
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