Treasury not ready to remove SI 142

TREASURY SAYS IT IS NOT READY TO REMOVE THE SI 142 CLAUSE COMPELLING THE PAYMENT OF CUSTOMS DUTY AND VAT FOR THE IMPORTATION OF LUXURY GOODS IN FOREIGN CURRENCY AS IT IS MEANT TO CONTROL EXCESS DEMAND FOR IMPORTS.
THE COUNTRY’S FISCAL AUTHORITIES SAY THEY WILL CONTINUE TO STRENGTHEN THE FISCAL AND MONETARY POLICIES TO ENSURE MACRO-ECONOMIC STABILITY AND IS PLEASED WITH THE IMPACT OF THE SI 142 ON THE DOMESTIC MARKET.
FINANCE AND ECONOMIC DEVELOPMENT MINISTER PROFESSOR MTHULI NCUBE SAYS DESPITE CONCERNS BY SOME SECTIONS FROM THE LOCAL INDUSTRY ON THE PAYMENT OF CUSTOMS DUTY AND VAT ON IMPORTED LUXURY GOODS, TREASURY IS CONVINCED THAT THE MEASURE IS NECESSARY TO CONTAIN EXCESS DEMAND FOR IMPORTS AND TO PROTECT THE NEW CURRENCY.
THE CABINET MINISTER HIGHLIGHTED THAT IN LINE WITH PRIVATE SECTOR-LED ECONOMIC GROWTH STRATEGY, GOVERNMENT IS FORGING AHEAD WITH PRIVATISATION OF SOME STATE-OWNED ENTERPRISES WITH A VIEW TO ENHANCE THEIR CONTRIBUTION TO THE ECONOMY.