On 24 July the South African Revenue Service (SARS) announced the imposition of a safeguard duty of 54.04% on threaded fasteners of iron or steel (excluding those of stainless steel and those identifiable for aircraft), classifiable in subheadings 7318.15.41, 7318.15.42 and 7318.16.30, in Part 3 of Schedule No.2 to the Customs and Excise Act, 1964, through the insertion 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 on threaded fasteners of iron or steel (excluding those of stainless steel and those identifiable for aircraft).
The safeguard duty is imposed from 24 July 2020 up to and including 23 July 2021.
The reasoning is contained in the International Trade Administration Commission of South Africa (ITAC) Report No.620.
Subsequently the safeguard duty will be amended to 52.04% from 24 July 2021 up to and including 23 July 2022, and then to 50.04% from 24 July 2022 up to and including 23 July 2023.
The Notices are accessible at:
Story by: Riaan de Lange