Steel Wire Rod Duty
On 4 August the South African Revenue Service (Sars) announced an increase in the ‘general’ and Mercosur (Southern Common Market) rates of customs duty on steel wire rod, steel reinforcing bar and structural steel, classifiable in tariff subheadings 7216.31 (U sections), 7216.32 (I sections), 7216.33 (H sections) and 7216.50 (Other angles, shapes and sections, not further worked than hotrolled, hotdrawn or extruded), from free of customs duty to 10% ad valorem. The reasoning for the increase is contained in the International Trade Administration Commission of South Africa (Itac) Report No 509.
May Trade Surplus Restated
With the release of the June 2017 merchandise trade statistics Sars advised that the trade balance surplus for May had been revised downwards by R2.28 billion from R9.50 billion to a revised surplus of R7.22 billion, which it attributed to “ongoing Vouchers of Correction (VOCs).”
BLNS ensures SA’s Trade Surplus
If it was not for Botswana, Lesotho, Namibia and Swaziland, also known as the BLNS countries, South Africa’s merchandise trade for 2017 would have reflected a deficit of R18.19 billion. But inclusive of the BLNS countries, South Africa has recorded a merchandise trade surplus of R 27.68 billion.
Moyane Dubai Trip
On 4 August Sars issued the following press release. “Sars has noted the media coverage which purports that Commissioner Tom Moyane met members of the Gupta family. Sars can confirm that Commissioner Moyane was in Dubai on 23 December 2015, in transit to spend Christmas in Portugal. Sars can further confirm that he returned to Dubai on 29 December 2015 and returned to South Africa on the 8th of January 2016. Commissioner Moyane categorically states that he has never met any member of the Gupta family in either his private or professional capacity. Sars views the attempts to link the Commissioner and/or Sars as an institution with the Gupta family or their associates as malicious and reckless in the extreme. We call on anyone with information to the contrary to provide such to Sars or any organ of state.”
Ghana Trade Fair
The Department of Trade and Industry (the dti) has invited South African exporters to participate in the Ghana International Trade Fair 2018, scheduled to take place from 21 February to 11 March 2018 in Tamale, Ghana. The deadline date for submissions is 21 September.
Duty Calls Watch List
Comment on the draft Special Economic Zones or SEZ Governance and Management Regulations, in terms of the SEZ Act, 2014 is due by 13 August; the proposed reduction in the “general” rate of customs duty on distributors and ignition coils by 18 August; as is the comment on (i) 2017 Draft Taxation Laws Amendment Bill; (ii) 2017 Draft Explanatory Memorandum on the 2017 Draft Taxation Laws Amendment Bill; (iii) 2017 Draft Tax Administration Laws Amendment Bill; and (iv) 2017 Draft Memorandum on the objects of 2017 Draft Tax Administration Laws Amendment Bill.
