• Climate change update

    We need to cast off yesterday's ideas and put earth's wellbeing first, says Mandi Smallhorne.

  • Lessons from KPMG

    KMPG has learnt the hard lesson that SA is fed up with corruption, says David Everatt.

  • Terry Bell's Inside Labour

    Will it be man vs machine in the scary self-service future into which we are all being dragged?

Loading...

SEE: R13.8m Ferrari smuggled into SA

Mar 29 2017 17:50

Cape Town - The South African Revenue Service (SARS) seized a Ferrari that was being smuggled into the country, it announced on Wednesday.

SARS said the luxury vehicle worth an estimated R13.8m was stored at a bonded warehouse in South Africa since 2014.

"When it was first brought into the country, the owner failed to follow correct import procedures including paying the necessary customs duties and VAT. As a result, the vehicle stayed in a bonded warehouse for three years because the owner could not finalise the required customs processes."

However, in February, the vehicle owner submitted an export declaration to take the car to the Democratic Republic of Congo through Beitbridge border post.

"A day later, there was an attempt to have the vehicle return to South Africa through the same border post."

The vehicle has been detained and a letter of intent was issued to the owner as part of the Promotion of Administrative Justice Act No 3 of 2000 to enable them to make representation to SARS.


Read Fin24's top stories trending on Twitter:


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

sars

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The SARB’s Monetary Policy Committee will decide on the next move in interest rates tomorrow will they?

Previous results · Suggest a vote

Loading...