- South African Revenue Service (SARS) has phased out low customs value consignment relief, effective 1 September 2024
- Imports valued at ZAR500 or less now subject to VAT and reconfigured flat rate system
- SARS categorizing imports into four groups from 1 November 2024 for streamlined customs procedures
- Impact on multinational companies, eCommerce traders, and consumers navigating new tax and customs requirements
- Stakeholders advised to stay informed and consult advisors for compliance
- Changes driven by local industry concerns over unfair competition in the textile and clothing sector
- Previous relief allowed for reduced duties and taxes, benefiting both companies and consumers
- SARS implementing VAT and reconfiguration of flat rate to promote fair competition and legitimate trade
- Interim measure of VAT introduced on 1 September 2024, with reconfiguration of flat rate to follow on 1 November 2024.
Source: insightplus.bakermckenzie.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "South Africa"
- South Africa Proposes Major VAT Reforms to Modernize Tax System
- SARS Seeks Public Input on Customs Rules for Transfer Pricing Adjustments, Ending October 2025
- South Africa’s New Voluntary Disclosure Programme to Revolutionize Customs and Excise Compliance
- South Africa Prepares Major VAT Reforms
- South Africa’s 5-Corner Peppol Integration to Modernize E-Invoicing and VAT Reporting by 2028
