Did you know… a Customs Deferment Account allows one to defer Customs duties and VAT till month-end?
A Deferment Facility is a Government dispensation which is designed to alleviate your administrative duties. It helps companies to avoid the hassle of having to pay duties and VAT on each and every Customs declaration.
Therefore, you can simplify the administration involved in the day to day running of logistics operations.
More About – Deferment Accounts
A Deferment Facility is not a credit facility as such. However, it may have the effect of providing a short a term credit line; particularly for large shipments.
SARS will issue a monthly statement at the end of each month. Clients have 7 x days to settle the deferment account after the closing date.
Deferment Accounts are available to both Customs Clearing Agents and Importers & Exporters of goods.
A recent trend for larger Importers & Exporters is to obtain their own Deferment Facility. The objective, particularly by larger companies, is to self-manage one’s risk exposure to SARS Customs.
The Customs Hub specialises in calculating and setting up Customs Deferment Accounts at SARS Customs.
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