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Schedule 5 of Customs and Excise Act Amended

January 27, 2020

South African Revenue Service

27 January 2020

Note 8 to Schedule 5 of the Customs and Excise Act has been amended.

The South African Revenue Service published the revised Note 8 in Government Gazette 42968.

The amendment provides for the granting of a refund or drawback of duty as contemplated in section 75(1)(c), 54D or 54J of the act in circumstances where the customs procedure code is not inserted on the bill of entry or other export declaration, or has been inserted incorrectly.

In Gazette 42967, national treasury announced the allocation of Schedule 7, Part A allocations to the Eastern Cape in terms of the Provincial Emergency Housing Grant.

According to the notice, heavy rains and flooding necessitated the allocation of a portion of the unallocated Schedule 7, Part A grant to the Eastern Cape.

R90.153 million is allocated to the province from the unallocated Provincial Emergency Housing Grant.

Meanwhile, in a statement, the Intergovernmental Fintech Working Group announced the publication of its first Fintech Landscaping Report.

According to the statement, the “report captures data obtained in 2019 in respect of all active fintechs founded in the past 11 years that have a physical presence serving South African consumers”.

An online portal consisting of a Fintech Innovation Hub and a fintech database is to be introduced in the first quarter of 2020.

The Fintech Innovation Hub will consist of a Regulatory Guidance Unit, a Regulatory Sandbox and Innovation Accelerator component.

“The Regulatory Guidance Unit will provide information and clarity regarding financial services regulation. The Regulatory Sandbox will offer regulatory relief, within the existing legislative framework, to test innovative products and services. The Innovation Accelerator will explore innovation that can improve the regulatory environment or improve customer experience and access.”