Importers Take Note: Proposed Changes To SARS Deferment Scheme

Currently, if an importer applied for and is accepted into the SARS deferment scheme, the payment of import duty and import Vat may be deferred or suspended for up to 30 days. At the end of the 30 day period the importer is allowed a further 7 days within which to pay the deferred import duty and Vat to SARS. Currently, the 30 day deferment cycle may commence on any day of the month beginning with the 1st up to the 28th day of the month. There should be a pre-approved deferment limit in place which limits the amount of duty and Vat that may be deferred for the deferment cycle. If that amount is exceeded the importer will not be able to defer more import duty and Vat for the rest of that cycle.