The deferment of payment of customs duties is in terms of section 39(1) of the Customs and Excise Act, 1964, and the deferment arrangement applies equally to value-added tax levied upon importation in terms of section 13(6) of the Value-Added Tax Act, 1991.
This draft proposes that a fixed deferment period of one calendar month apply to all deferment account holders. Payment to SARS of the deferment account will be due on or before the 7th of the following month, as well as other changes.
The SAIT will be making submissions to SARS on this matter. Kindly submit comments to firstname.lastname@example.org by no later than 25 February 2015.
Please click here to access the SARS document addressing the proposed changes to the deferment scheme.
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.