International Trade Administration Act, 2002 (Act No. 71 of 2002)RegulationsAutomotive Production and Development Programme (APDP) RegulationsPart D - Calculation of the CSP for VAA purposes19. VAA Usage |
In terms of Note 7 to Rebate Item 317.03 of Schedule No. 3 to the Customs Act:
| 19.1 | The VAA 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. |
| 19.2 | Any surplus VAA 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. |
| 19.3 | Should a registered light motor vehicle manufacturer use the excess VAA in a quarter to rebate duties on vehicles imported, SARS will reduce the value of the VAA by 20 per cent. |