Tuesday, May 17, 2016
Special Commodity Levy
Special
Commodity Levy is imposed on certain commodity items at the rate specified by
the Minister by order published in the gazette at the point of importation of
such commodities. Special Commodity Levy is covered by the Director General of
Customs.
Special Commodity Levy is a composite levy,
and no other tax, duty, levy, cess, or other charge is imposed in terms of any
other laws specified as applicable in respect of the commodities specified in
any such order.
AN ACT to provide for the imposition of a composite levy on
certain specified commodity items in lieu of the amount chargeable on such
commodity items as a tax, duty, levy, cess or any other charge in order to
overcome the complexities associated with the application and administration of
multiple taxes on such specified commodity items; and to provide for matters
connected therewith or incidental thereto.
[Date of Commencement: 15th October,
2007]
Special Commodity Levy is imposed on certain commodity items at the rate specified by the Minister by order published in the gazette at the point of importation of such commodities. Special Commodity Levy is covered by the Director General of Customs.
Special Commodity Levy is a composite levy,
and no other tax, duty, levy, cess, or other charge is imposed in terms of any
other laws specified as applicable in respect of the commodities specified in
any such order.
AN ACT to provide for the imposition of a composite levy on
certain specified commodity items in lieu of the amount chargeable on such
commodity items as a tax, duty, levy, cess or any other charge in order to
overcome the complexities associated with the application and administration of
multiple taxes on such specified commodity items; and to provide for matters
connected therewith or incidental thereto.
[Date of Commencement: 15th October, 2007]
[Date of Commencement: 15th October, 2007]
DEFINITION of 'Warehouse Bond'
A type of financial protection that assures an individual or business keeping goods in a storage facility that any losses will be covered if the facility fails to meet the terms of its contract. If the warehouse owner or operator fails to meet its obligations, a third party company called a surety will act as an intermediary and compensate the client for his or her loss.
Further more;
A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with the government. This system exists in all developed countries of the world.
Upon entry of goods into the warehouse, the importer and warehouse proprietor incur liability under a bond. This liability is generally cancelled when the goods are:
- exported; or deemed exported;
- withdrawn for supplies to a vessel or aircraft in international traffic;
- destroyed under Customs supervision; or
- withdrawn for consumption domestically after payment of duty.
While the goods are in the bonded warehouse, they may, under supervision by the customs authority, be manipulated by cleaning, sorting, repacking, or otherwise changing their condition by processes that do not amount to manufacturing. After manipulation, and within the warehousing period, the goods may be exported without the payment of duty, or they may be withdrawn for consumption upon payment of duty at the rate applicable to the goods in their manipulated condition at the time of withdrawal. In the United States, goods may remain in the bonded warehouse up to five years from the date of importation. Bonded warehouses provide specialized storage services such as deep freeze or bulk liquid storage, commodity processing, and coordination with transportation, and are an integral part of the global supply chain.
Thursday, May 12, 2016
RAMIS Detailed Quick Guide for SVAT, PAYE, NBT & VAT
 Filing of return
This
is the place to start to get familiar with the e-Services for Filing of
return.
The
process overviews present the steps required to perform the different
processes, manually or online. If this is your first time, this is the best
place to start.
The
detailed quick guides walk you through the e-Services screens. If you are
already familiar with the process and want to use the e-Services, select this
option.
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How to file returns –SVAT
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How to file returns –Pay-as-you-earn (PAYE)
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How to file returns –Nation Building Tax (NBT)
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How to file returns –Value Added Tax (VAT)
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How to file returns – Withholding Tax (WHT)
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Tuesday, May 10, 2016
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