International Trade Administration Act, 2002 (Act No. 71 of 2002)RegulationsAutomotive Production and Development Programme post 2020 (APDP Phase II) RegulationsPart D - Calculation of the CSP for VALA purposes18. VALA Usage |
In terms of Note 7 to Rebate Item 317.04 of Schedule No. 3 to the Customs and Excise Act:
| 18.1 | The VALA shall be used by a registered light motor vehicle manufacturer to reduce the value for customs duty purposes of original equipment components imported and the imported component values of original equipment components received from any person in the SACU region. |
| 18.2 | Any surplus VALA of a registered light motor vehicle manufacturer in a specific quarter will be rolled over to the next quarter and/or may be used to rebate duties on specified light motor vehicles imported by the registered light motor vehicle manufacturer upon obtaining prior written approval from the Commissioner of SARS. |
| 18.3 | Should a registered light motor vehicle manufacturer use the excess VALA in a quarter to rebate duties on vehicles imported, SARS will reduce the value of the VALA by 20 per cent. |