On 30 January 2015 The International Trade Administration Commission of South Africa ("ITAC”) published a notice in the Government Gazette in respect of the proposed creation of a rebate facility for the upholstered furniture sector and the creation of a rebate provision in respect of electricity meters.
A rebate enables certain importers to import goods without paying duties under certain conditions. The primary aim of rebates is to provide a customs duty waiver and therefore an availability at world competitive prices of products that attract duties but are not produced or insufficiently produced domestically as an industrial or agricultural input for certain critical applications, as a capital item, or as an agricultural product for consumption.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.