In last week’s column we alluded to the fact that a correction notice would appear in the Government Gazette. On 27 January 2012 the correction notice appeared in respect of the proposed decrease in the rate of customs duty on hydraulic brake fluids, not containing or containing less than 70% by mass of petroleum oils or oils obtained from bituminous minerals, from 10% ad valorem to free of customs duty. The application was lodged by the South African Brake Fluid and Coolants (Pty) Ltd t/a Sabac, who stated that the hydraulic brake fluids were not manufactured in the Southern African Customs Union (Sacu) and that the current rate of customs duty had cost-raising implications. (It will be interesting to see, if the reduction of the rate of customs duty is realised, to what extent the price of hydraulic brake fluids will reduce. Comment is due by 24 February 2012. If you are interested in learning more about any of the articles in this week’s column, please send us an email with the headline of the article in the title.
