South African Revenue Service
Customs and Excise Act Rules have been amended.
The South African Revenue Service (SARS) published the amended Rules in Government Gazette 44601.
New DA 260 forms on tobacco products are inserted.
The forms focus on excise account: tobacco products (VM) and excise account: tobacco products (SOS).
In Notice 441, SARS published an amendment to Schedule 1 of the act:
• Amendment to Part 1 of Schedule No. 1, by the insertion of tariff subheading 8479.89.50, in order to increase the rate of customs duty on foot-operated grease guns from free of duty to 10% – ITAC Report No. 635 – in effect on 21 May 2021.
In Gazette 44608, the South African Reserve Bank announced the appointment of ICICI Bank Limited, South Africa Branch, as an authorized dealer in foreign exchange.
Meanwhile, in a statement on government’s response to the rating actions of S&P global ratings (S&P) and Fitch ratings (Fitch), national treasury pointed out that, as highlighted in the 2021 Budget, government’s fiscal strategy “puts South Africa on course to achieve a sufficiently large primary surplus to stabilise debt. Over time, debt stabilisation will reduce borrowing costs and the cost of capital, attracting investment that can support the economy”.
S&P affirmed South Africa’s long term foreign and local currency debt ratings at ‘BB-’ and ‘BB’, respectively and maintained a stable outlook while Fitch affirmed South Africa’s long term foreign and local currency debt ratings at ‘BB-’ maintaining a negative outlook.