On 21 July 2023, the South African Revenue Service (SARS) announced the extension of the safeguard duties on threaded fasteners of iron or steel (excluding those of stainless steel and those identifiable for aircraft), classifiable in tariff subheading 7318.15.41. The extension is through the amendment of Safeguard Items 260.03/7318.15.41/01.08; 260.03/7318.15.42/01.08 and 260.03/7318.16.30/01.08 in Part 3 of Schedule No.2 to the Customs and Excise Act, 1964. The reasoning is contained in the International Trade Administration Commission of South Africa (ITAC) Report No.715.
The amendments are:
· Safeguard duties at a rate of 48.04% from 24 July 2023 up to and including 23 July 2024;
· Safeguard duties at a rate of 46.04% from 24 July 2024 up to and including 23 July 2025; and
· Safeguard duties at a rate of 44.04% from 24 July 2025 up to and including 23 July 2026.