NRA revises customs rates in reforms taking shape
The National Revenue Authority (NRA) will from Wednesday, November 1, 2023, start enforcing the new customs merchandise conversion value as it embarks in rolling out reforms on revenue collection.
The NRA noted in a circular by the Deputy-Commissioner General of National Revenue Authority, Albino Othow, that “this is to inform and guide the general taxpaying community, including importers, exporters, clearing agents, and freight forwarders following the enactment of the new financial regulations.”
According to the circular seen by The City Review, the conversion value will now stand at SSP1100 (1 USD), up from SSP300.
It noted, “the circular comes after the enactment of the Financial Act 2023/2024 by the reconstituted Transitional National Legislative Assembly (RTNLA) and the sequential assent by His Excellency the President of the Republic of South Sudan, Gen. Salva Kiir Mayardit.”
The implementation of this new development is expected to change customs values and ensure the accuracy and better assessment of imports and exports.
The circular was also directed to other institutions related to finance to adapt and follow the operations accordingly to align with the new customs values.
The circular is copied to the ministries of finance and planning, trade and industries, investments, and chairpersons of the NRA board of directors in NRA.
The National Revenue Authority is mandated and empowered by the law “to take measures as may be required to raise revenue for the development of the country.”