related offences are high at the moment, according to a report released by SARS
' Customs and Enforcement teams.
In addition to the two foreign nationals who were arrested for attempted bribery, SARS seized over 96 kilograms of drugs in different interventions in February alone.
No wonder import and exporters are seen as criminals, when so many go this route.
But you don't have to bribe SARS officials.
It's easy to ensure your imports and exports are legal.
In fact, SARS could even reward you for basing your import and export business in a specific area.
Here's how to ensure your imports aren't frowned on – you'll even get a tax incentive!
says you can reap the tax incentives
by setting up your business in a Special Economic Zone
The Special Economic Zone
programme will build world class industrial parks to stimulate industrialisation outside of the country's main urban areas, says SouthAfrica.Info
And the Business Day's BDLive
website reports that Trade and Industry Minister Rob Davies will soon announce specific tax incentives
to enhance this initiative.
So your business will get further tax breaks just by being based in one of the Special Economic Zones!
These industrial parks are usually located close to international airports and seaports, and are specially tailored for the manufacturing and storage of goods.
That's perfect for import and export businesses, and you also benefit from lower customs duty and Vat charges.
SARS is also more likely to view your import and export business more positively if it's based in one of these areas, instead of hidden away in a dodgy industrial area known for criminal deals.
Give it some thought.
The tax benefits of relocating your import and export business to one of these new Special Economic Zones could be worth the hassle of moving.
Keen to start an import business? Here's why you should look at sugar…
And if you're involved in the import
of sugar, now's the perfect time to move to a Special Economic Zone
, according to FSP Business
Because quotas are allocated to registered sugar exporters from 1 April to 31 March of the quota year.
That's in just a few weeks.
Even better, when the availability of sugar is low, the need for customs duty is removed, so you'll make more profits!
If you need more information on exports and imports get your hands on the Practical Vat Loose Leaf. In the Practical Vat Loose Leaf we've got a dedicated chapter on exports.In it you'll discover:
Make sure you classify your exports correctly
Checklist: Essential documents to keep when you apply the zero-rate of Vat to a direct export
3 top tips to remember about the VAT262, VAT266 and the SAD500 forms E 02/009
5 types of SAD500s – make sure you use the right one, or your entry may be disallowed or delayed
Checklists: Additional records you must keep for five years if you use an external transport company
Sample letter 1: Request for extension of time allowed
All you need to know about indirect exports
Checklist: 7 points to help your foreign buyer claim back the Vat he has paid
Step-by-step: 3 new procedures you must comply with when movable goods are exported through land border posts
Officially designated commercial ports – your foreign clients can claim their Vat refunds here!
The lowdown on the Draft Customs Control Bill and Draft Customs Duty Bill
Top tips to remember when dealing with a direct export
Top tips to remember when dealing with an indirect export