Industry raises questions about Sars’ ‘deferment benefit’

Questions have been raised following the publication of the first set of rules for the Customs Duty Act around the term “deferment benefit”.

Industry stakeholders are questioning why the word benefit is used in conjunction with deferment - especially in light of a published proposal by the South African Revenue Service earlier this year to introduce a fixed deferment period of one calendar month to apply to all deferment account holders.

Currently deferment account holders make payments at different times of the month on agreed dates with Sars allowing companies to stagger their payments and control cash flow.

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