Cape Times 2025-07-08

A new customs duty has been slapped on vaping liquid, which will result in higher prices. On Friday the South African Revenue Service (SARS) introduced important amendments to the Customs and Excise Act, 1964, aimed at tightening the regulation of electronic cigarettes and vaping products. These changes, reflected in amendments to Schedule No. 1 (Parts 1 and 2A) and Schedule No. 6 (Part 1E), include the insertion of new tariff subheadings, the introduction of an excise duty on vaping liquid, and the implementation of new rebate provisions for defective or exported products. XA Global Trade Advisors explained that under the amended tariff structure, a new subheading, 8543.40.10, has been inserted to specifically classify vaping devices presented with vaping liquid, whether or not the liquid contains nicotine. The customs duty applicable…

President Trump announces additional tariffs on countries aligning with BRICS The rand weakened to its lowest in nearly two weeks against the major currencies on Monday as global risk was seen to have escalated following US President Donald Trump’s tariff threat. On Sunday, Trump announced an extension to the tariff deadline, pushing it to the beginning of August while imposing an additional 10% tariff with “no exceptions” on countries aligning with the policies of BRICS—a bloc of emerging economies comprising Brazil, Russia, India, China, and South Africa. Trump also reiterated previous warnings of imposing tariffs of up to 100% on BRICS nations should they abandon the US dollar in bilateral trade, and further warned other countries against joining the alliance. The expanded BRICS bloc now encompasses 11 countries, representing 43%…

Transport Minister Barbara Creecy has unveiled a bold strategy aimed at improving South Africa's transport sector's freights and goods handling capacity and to transform the passenger, freight, and aviation sectors over the next four years. Speaking at the 2025 Southern African Transport Conference (SATC) in Pretoria on Monday, Creecy said the first target was to increase freight volume on the Transnet network to 250 million tons annually by 2029, a move that is expected to strengthen the backbone of South Africa's logistics framework. Addressing port efficiency, Creecy also said South Africa aimed to achieve an international operational benchmark of 30 gross crane movements per hour when loading and unloading vessels, a standard necessary for remaining competitive in global markets. “We need to achieve this standard to remain globally competitive,” Creecy…

The Banking Association South Africa (BASA) and five major lending banks have filed an application to appeal a recent order by the North Gauteng High Court in Pretoria, in a legal battle that could redefine consumer credit relationships. The court's declaratory order, handed down by a full bench on 12 May, affirmed that an application for debt review, or a debt review order, does not remedy the default status of the original credit agreement under section 103(5) of the National Credit Act (NCA). This section is pivotal for consumers as it caps the total interest, fees, and charges accruing on a defaulted credit agreement, thereby safeguarding borrowers from potential exploitation by lending entities. This ruling positions the notion of 'default' as permanently tied to the original credit agreement, irrespective of…

President Donald Trump just launched a fragrance called Trump Victory 45 - 47, part of the "Fight Fight Fight Collection". The lid of the $249 (R4 427) bottle is a (obviously) gold statuette of Trump, tummy flat, shoulders back, looking like the Oscar for Best President in the World Ever. You get $100 off if you buy two. The President's fragrances, for there is one for boys, one for girls, is "For Patriots Who Never Back Down, Like President Trump. This Scent Is Your Rallying Cry In A Bottle. Featuring Trump’s Iconic Image And Raised Fist, This Limited-Edition Cologne Embodies Strength, Power, And Victory." And yes, the first letter of every word is capitalised. Since Trump took office, the Trump Store launched 168 new products, including clothing, hats, BBQ snacks,…

In a fast-evolving world where markets, mandates and morals are shifting, organisations are being called to govern differently. The traditional rule-bound model of governance is increasingly insufficient in the face of systemic risks, stakeholder activism and digital disruption. As governance thinking evolves, new frameworks continue to emerge, each responding to the demand for purpose-driven, context-sensitive leadership. This proliferation of frameworks reflects the increasing complexity and diversity of modern governance challenges. The Committee of Sponsoring Organizations (COSO) draft Corporate Governance Framework (CGF), released in May 2025, exemplifies this shift, but its relevance to Africa hinges on aligning its structural approach with local realities. Developed with US public companies in mind and globally recognised for its work on internal controls, the framework nonetheless raises critical questions for governance communities worldwide. In contrast…