INTERNATIONAL TRADE
Brexit support – now, tomorrow and in the future
The United Kingdom is due to leave the European Union on 29 March. However the challenges and opportunities that will present themselves to businesses of all shapes and sizes will go far beyond the end of this month. The Chamber’s
comprehensive Brexit Support Programme will continue to assist and support businesses to ensure they are better prepared for the changes that Brexit will undoubtedly bring – both now and in the future – including in relation to international trade. In its mildest form, Brexit-
in the UK. Labour law is governed by many acts that provide a structure for businesses to operate in. Companies will need to be familiar with some labour acts before trading in South Africa and these can be found online at
www.labour.gov.za/DOL/legislation. In South Africa, the central
government levies most direct and indirect taxes. The tax regime is set by the National Treasury and managed by the South African Revenue Services (SARS). SARS collects revenue, ensures compliance with tax laws and regulates and controls customs. If a company is incorporated in,
or managed from, South Africa, it’s considered to be South African for tax purposes, which could lead to a double taxation issue if not addressed. Value Added Tax (VAT) is the principal source of indirect taxation revenue in this market. The system is based on the same principles in the UK and there are certain exemptions for VAT. A company must register for VAT
if the taxable supplies for a 12 month period have, or are forecast to exceed R1 million per annum. Other taxes to consider when operating in South Africa are stamp and transfer duty, customs duties
‘South Africa’s business environment is challenging but still remains one of the best in the developing world’
and the skills development levy. South Africa also has a complex
import customs system. SARS defines approximately 90,000 product tariff codes that are strictly enforced on all imports and businesses are encouraged to use a reputable customs clearance agent familiar with South African convention. Customs South Africa (Customs SA), a division of SARS, requires that importing companies register with its office to get an importer’s code. Not having this code can cause
delays and incur costs while clearing goods. If you are looking to grow your
business internationally in South Africa, or other overseas markets,
you can get free tailored support from Enterprise Europe Network. This organisation is the world’s largest business support network, helping local SMEs to grow internationally by accessing new markets and commercialising innovative ideas. The network spans more than 60
countries worldwide and offers free to access advice, support and events to give companies the knowledge and guidance to succeed.
Visit
www.enterprise-europe.co.uk for more information, or to connect with your local business adviser, call 0333 320 0333 or email
eeninfo@emc-dnl.co.uk
related changes for a business may require a simple recalibration of operations after Brexit occurs. In other cases, however, it may mean a fundamental remodelling in order to contend with the effects of Brexit. Whatever your size and sector, our Brexit-related activity helps guide you through the choppy waters of Brexit.
For more information, visit
bit.ly/EMC_Brexit
Chamber Brexit video available
The Chamber is committed to helping all businesses to successfully navigate their way through the complex and uncertain Brexit process. It has developed a series of
videos, which are updated regularly, designed to provide you with helpful tips, information and actions that you might need to consider for your business or that you should take as the Brexit process continues to be worked through and delivered.
To view the latest Chamber Brexit video, and previous videos, visit
bit.ly/EMCBrexitVideo
business network March 2019 47
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