Treasury listens to motor sector concerns about new tax regime
Changes that were due to take effect in 2020 will be held over until the SA Automotive Masterplan takes effect in 2021
The Treasury has heard the strong pleas made by players in the motor industry to revoke proposed changes to the customs and excise regime, which would have added about R2.5bn to its cost structure.
At issue are proposed changes to the Customs and Excise Act, which would require that all customs duty payable on imported goods be taken into account when calculating the value for the purposes of ad-valorem duty on such goods. Currently only nonrebated customs duty is used for the calculation...