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REGIONAL ECONOMY: Region (MRB Oct 01 2001): SA gets R12bn in final settlement before new SACU pact.
The Southern African Customs Union (SACU) is expected to generate R20.2-billion in customs and excise revenue in the 2001/2002 financial year, of which South Africa will get R12-billion, according to Finance Minister Trevor Manuel. The renegotiated SACU agreement should be signed by the end of this year. The agreement - last negotiated in 1969 - has been widely criticised by the BNLS members states.
Total SACU customs and excise revenues were distributed to individual member states according to the revenue sharing formula contained in the 1969 SACU Agreement.
In 2001/2002, South Africa would receive R12-billion, Botswana R2.6-billion, Lesotho R1.4-billion, Namibia R2.4-billion, and Swaziland R1.5-billion.
The National Treasury estimated that R9.8-billion in specific excise duties would be collected in South Africa and the other countries in the 2001/2002 financial year, mostly on alcohol and cigarette sales. Total excise collections, included in this amount, by Botswana, Lesotho, Namibia, and Swaziland were estimated at R320-million.
Ad valorem duties on luxury items produced in South Africa would amount to an estimated R800-million. Customs duties - including excise duties on imports and ad valorem duties on imported luxury goods - were expected to contribute R9.2-billion, Manuel said.
New deal soon
The renegotiated SACU agreement will be signed by the end of this year, Trade and industry deputy director-general for international trade, Faizal Ismail, said. It is now being referred to the respective governments for ratification and the process would be completed "before Christmas".
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