The International Trade Administration Commission (Itac) has hit back at criticism by trade consultancy XA Global Trade Advisors that delays in import duty determinations have cost the economy up to R4bn.
There are fears that allegations South Africa loaded arms onto a Russian ship in December – a potential sanctions-busting move – could lead to a massive sell-off of assets by foreigners, triggering a liquidity crisis.
Delays in import duty investigations by the International Trade Administration Commission have choked an estimated R3bn out of the economy, leaving some businesses in distress, according to XA Global Trade Advisors.