Vehicle Duty In Forex To Stay – Mthuli Ncube

The Finance and Economic Development Minister Mthuli Ncube revealed last week that vehicle importers will continue to pay duty in foreign currency.

Following the 2019 Monetary Policy Statement, business people have been calling on Government to charge vehicle duty using the local currency. The Monetary Policy Statement introduced an interbank market for forex and RTGS dollars.

Ncube who gave the government’s position in an interview said:

Look, I don’t want to chop and change policies too much. Every other week you change policy because you have this and that; it’s not very good.

I am sticking to the payment of duty in the forex; basically in the currency someone has acquired the vehicle, it could be in rand, it could be in US dollars, whatever currency you acquire it in, pay in that currencVehicle imports have been rising exponentially since 2009 from US$250 million to upwards of US$800 million in 2010.

Source: Pindula