Definition
A SARS-approved facility that allows a registered importer or clearing agent to defer payment of customs duty and import VAT until a fixed settlement date rather than paying on each entry. It improves cash flow but requires security, typically a bank or insurance guarantee, in favour of SARS. Defaulting on the settlement date can lead to suspension of the facility.
Frequently asked questions
What is Deferment Account?
A SARS-approved facility that allows a registered importer or clearing agent to defer payment of customs duty and import VAT until a fixed settlement date rather than paying on each entry. It improves cash flow but requires security, typically a bank or insurance guarantee, in favour of SARS. Defaulting on the settlement date can lead to suspension of the facility.
Which glossary terms are related to Deferment Account?
Deferment Account is a customs & sars term in the South African import/export industry. Related terms in the same area include 70707070 (Customs Code), Ad Valorem Duty, AEO (Authorised Economic Operator), Anti-Dumping Duty, B-BBEE (Broad-Based Black Economic Empowerment) — each has its own plain-English definition in the TradeCaravan glossary.