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2018 Appropriation Act Signed

August 6, 2018

The Presidency

President Ramaphosa has assented to the 2018 Appropriation Act.

Parliament passed the bill and sent it for assent at the end of June 2018.

The act seeks to appropriate money from the National Revenue Fund for the requirements of the state for the 2018/19 financial year.

It also prescribes conditions for the spending of funds withdrawn for the 2019/20 financial year before the commencement of the Appropriation Act for the 2019/20 financial year.

Meanwhile, in Gazette 41812, the South African Revenue Service (SARS) has imposed a provisional payment in relation to safeguard duty on screws fully threaded with hexagon heads.

Imposed in terms of the Customs and Excise Act, the provisional payment is applicable up to and including 18 February 2019.

In Notice 793, SARS has amended Schedule 4 to the act dealing with a full duty rebate for steel.

In Notice 794, SARS has amended Schedule 1 to the act that focuses on the rate of duty for ethylene-alpha-olefin copolymers.