The South African Revenue Service (SARS) has announced the seizure of goods worth an estimated R245 million
Image: SARS/X
The South African Revenue Service (SARS) has announced the seizure of goods worth an estimated R245 million following a targeted operation against illicit trade and related non-compliance in Rustenburg, Brits, Marikana and Hartbeespoort.
The revenue service said the intelligence-driven operation, conducted between 25 and 30 May in partnership with law enforcement agencies and other stakeholders, resulted in the confiscation of 174 814 items, the seizure of R118 430 in cash, and the identification of 30 entities for further tax profiling and investigation.
"The estimated value of confiscated goods is R245 million. These outcomes demonstrate SARS’s continued focus on protecting the economy, disrupting illicit trade, and strengthening customs and tax compliance," the revenue service said.
The operation comes as the government steps up efforts to combat illicit trade and protect local industries from the growing threat of illegal and counterfeit goods.
Last year, President Cyril Ramaphosa told Parliament that the spread of illegal and counterfeit goods was undermining jobs and economic growth, and called for stronger coordinated action against the illicit economy.
He said the government would step up enforcement through closer cooperation between state agencies and the private sector, supported by data-led policing of high-risk sectors including tobacco, fuel and alcohol.
IOL previously reported that South Africa remains a hotspot for trade in illicit and counterfeit goods despite policy reforms and easing inflation, which pushes consumers to seek cheaper products.
Tobacco, alcoholic beverages and branded apparel and clothing are among the top counterfeited and illicitly traded goods locally.
Illicit trade is costing the South African economy as much as R100 billion annually, with recent indications suggesting that the illicit economy has grown to around 20% of South Africa's GDP.
IOL Business