IN WHAT is believed to be a compensatory adjustment for the strong rand, the motor industry is now being allowed a lesser import rebate, according to Jeff Epstein, internal auditor of Safcor Panalpina. “Holders of import rebate credit certificates are now restricted to 90% of the certificate value,” he told FTW. “The result of an amendment published on February 6 - with retrospective effect to January 1.” This, Epstein added, means that a company exporting motor vehicles, spares and components is allowed a lower value of duty-free imports in the tit-for-tat formula applied to registered motor industry players. “Previously they were allowed R94-worth of imports for every R100 exported, but now this has been reduced to R90 per R100.”
