Treasury calls for comment on proposed export taxes on scrap metal
The National Treasury has published for consultation the ‘Basic Approach for Export Taxes on Scrap Metal’, following the announcement made by Finance Minister Tito Mboweni in the 2020 Budget Review regarding the introduction of such a tax.
The proposal is related to the phasing out of the current price preference system of scrap steel and follows he recommendations from a feasibility study conducted by the International Trade Administration Commission of South Africa (Itac).
Given the need to consult all stakeholders, including possible winners and losers, the consultation will take place in two phases.
The first will be a shorter and broader public comment process on the objectives, implementation, functioning and economic and financial impact of such an export tax, including the level of rates and base for such a tax.
The second will be a more intensive public comment phase on the proposed legislative provisions to give effect to specific export taxes on scrap metal to be included in the 2020 draft Taxation Laws Amendment Bill (TLAB).
The first phase will begin immediately and run to the end of April, while the second will start with the publication of TLAB and run to the end of August/September.
To facilitate the first phase, the National Treasury will hold an initial briefing on March 25 with all interested stakeholders on the proposal.
Written comments on the proposal must be submitted by no later than April 9.
Following receipt of comments, the National Treasury will engage directly with stakeholders until the end of April through technical workshops.
Thereafter, the proposed provisions will be developed for inclusion in the TLAB, which will be published in mid-July for public comment.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation