Before 1 September 2024, imports valued at ZAR500 or less (c. EUR26) were subject to a flat rate of 20% in lieu of customs duties and no value added tax (low value consignment relief). This relief was apparently introduced under a 2007 concession list published by the South African Revenue Service (SARS). The concession presented various benefits to multinational companies as they gained access to the South African market through the retention of low costs…
For the third week, we continued our Annual Compliance Conference with key customs developments impacting on businesses today. Specifically, we discussed the reform of the Union Customs Code in the EU, key trending customs developments in EMEA, and different methods of driving significant financial savings in global supply chains. EU customs reform: biggest overhaul since 1968 Tuesday 14 May SPEAKERS: Nicole Looks (Partner, Amsterdam), Thomas Kukanza (Senior Trade Advisor, Brussels), Sylvain Guelton (Senior Associate, Brussels),…
In brief Proposed amendments to the Customs Rules (Rules) under sections 40(3), 41(4), and 120 of the Customs and Excise Act were published for public comment by the South African Revenue Service (SARS) in January 2024. The proposed Rules are intended to formalise the process for reporting transfer pricing adjustments impacting customs values declared to SARS at the time of importation. Public comments on the proposed rules close on 9 February 2024. In more detail…
Baker McKenzie’s Global Compliance News Blog published “Africa and United States: Increased engagement regarding trade creating opportunities in the African free trade area,” which can be viewed here.
Baker McKenzie’s Global Compliance News Blog published “South Africa: New rules for SARS Customs and Excise Client Accreditation,” which can be viewed here.
Baker McKenzie’s Global Compliance News Blog published “Multijurisdictional: 2021 Virtual Global Trade Conference,” which can be viewed here.
Baker McKenzie’s InsightPlus published “South Africa: High Court rules that Samsung device is a telephone, not a machine for tariff purposes,” which can be viewed here.