Government Considering Removing Forex Duty For Vehicles- Report

In a move that may see car importers paying duty for their vehicles in local currency once again, it has been reported that the treasury department is considering forex duty payments in favour of the local currency. The standard was quoting Finance Ministry Secretary Gorge Guvamatanga who was speaking to captains of the industry when he said:

I think that issue is currently under review and a position will be articulated maybe in two to three weeks’ time when we come back to the market with our midterm fiscal policy.

The policy stipulated that if you are importing a luxury vehicle you had to pay duty for it in forex. Mthuli when he announced the end of dollarisation on 24 June also took some time to explain that the policy of paying duty in Forex was still in place because he said paying for duty still fell under foreign payments.

The policy review that will tell us if importers are about to start paying duty in local currency will be published together with the mid-year fiscal policy end of this month.

 

More: The Standard

 


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