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IDZ Launched At Johannesburg's International Airport

by Lorys Charalambous, Tax-News.com, Cyprus

14 September 2015


A South African industrial development zone (IDZ), with a range of customs and tax incentives, was launched on September 11 at Johannesburg's OR Tambo International Airport.

The Gauteng Department of Economic Development said the IDZ should be seen as part of the province's plans to re-industrialize, by supporting value adding and export-oriented industries, especially agro-processing, pharmaceuticals, electronics and automotive manufacturing.

The new IDZ aims to attract investors through the range of incentives available under the South African Government's Special Economic Zones program. The tax incentives include import duty relief on goods for storage, raw materials for manufacture, and machinery used in the manufacturing process imported into customs controlled areas (CCAs) within IDZs.

In addition, goods supplied from South Africa into a CCA of an IDZ are zero rated for value-added tax purposes. Additionally, goods imported from abroad into a CCA are exempt from VAT.

TAGS: South Africa | VAT special schemes | tax | value added tax (VAT) | tax incentives | tariffs | manufacturing | tax breaks | import duty | trade | Africa

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