National Treasury stated in a media statement issued on 8 April 2016 that the Minister of Finance had decided to approve the implementation of the amendment of the tariff on wheat, from R911,20 per ton to R1 224,31 per ton, in accordance with the current variable import duty formula. However, it was simultaneously proposed to the Minister of Trade and Industry that a request for an urgent and accelerated review of the variable tariff formula by the International Trade Administration Commission of South Africa be instituted.
The Ministry of Finance voiced its concern about the impact of the higher import duty on wheat on the price of bread and other staple food, but is also mindful of the need to ensure
policy certainty, food security and the financial health of the farming industry. The Ministry of
Finance also proposed that the review be extended to the formulae for sugar and maize, as similar concerns apply. Press Release. To read more, click HERE.
Published on Fri, 1st Apr 2016 - 10:55