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Safeguard Duty on Bolt Ends Under the Spotlight

July 29, 2019

South African Revenue Service

29 July 2019

A provisional payment in relation to a safeguard duty on bolt ends and screw studs has been imposed.

The South African Revenue Service published notification of the provisional payment in Government Gazette 42594.

The imposition was made in terms of Section 57A of the Customs and Excise Act.

It applies up to and including 10 February 2020.

The provisional payment stands at 102,10%.

Meanwhile, in Gazette 42593, national treasury announced the allocation of Provincial Emergency Housing Grants to Kwa-Zulu Natal and Western Cape.

R151.243 million is allocated to KwaZulu-Natal and R3.415 million to the Western Cape from the unallocated Provincial Emergency Housing Grant to deal with rain and thunder storms and fire damages experienced by both provinces.

In a separate matter, treasury has reiterated that a team of officials led by the directors-general of treasury and public enterprises have “considered a number of options as a solution to Eskom’s debt challenge in order to ensure its sustainability, and the most viable of these will be communicated in due course”.

In a statement responding to Fitch’s decision to affirm South Africa’s long term foreign and local currency debt ratings at ‘BB+’ and to revise the outlook to negative from stable, treasury acknowledged that “government will have to make tough decisions in order to reverse the country’s debt trajectory and improve economic growth prospects”.