RBIDZ GETS SEAL OF APPROVAL FOR CUSTOMS CONTROL IN PHASE 1A
The Richards Bay Industrial Development Zone Company SOC Ltd (RBIDZ) is officially in business to ensure investors at its Phase 1A industrial estate, adjacent to the Port of Richards Bay, reap a range of rewards.
The South African Revenue Services has approved the site as a customs control area (CCA), on the 5th of August 2016.
All investors establishing within the park and register with SARS as Customs Control Area Enterprises will enjoy a long list of incentives, such as relief from customs duties at the time of importation into the CCA for any goods for storage, raw materials for manufacturing and machinery used in the manufacturing process.
Customs procedures will be simplified for the clearance of goods; applications for designation licensing and registration; release of cargo; consideration of stage consignments and release under embargo. Enterprises will enjoy streamlined processes for licensing, registration and movement of bonded goods.
Fiscal incentives will also be given for imported goods and raw materials as well as exported goods and services at the estate. Furthermore, no import duties and value-added tax will be payable on goods imported for construction and maintenance of infrastructure on site.
The estate has been approved to offer these benefits indefinitely.
A R16-million state-of-the-art gate complex, recently opened by the MEC for KZN Economic Development, Tourism and Environmental Affairs, Sihle Zikalala, and KZN MEC for Finance, Belinda Scott, will provide office accommodation for the CCA officer, property officer, SARS officials, security control and a small conference room for up to 12 people.
“It is indeed one of the greatest milestones for the RBIDZ and our tenants, and it indicates that indeed Phase 1A is open for business”, said the RBIDZ CEO, Pumi Motsoahae.
CCA Means Easier Trade
A CCA within an Industrial Development Zone is designated by the Commissioner in concurrence with the Director-General Department of Trade and Industry as part of South Africa’s broad economic policy to encourage and promote international competitiveness in the country’s manufacturing sector.
This is set out in the government’s Economic Programme of Action, where IDZs are created in order to encourage increased levels of foreign direct investment in the economy. This will be achieved primarily through the giving of incentives to attract foreign and local investment within these zones in order to boost the country’s economic attractiveness.