Throughout the world, both developing and developed countries use tariffs and excise duty to prop up their local industries and grow the economy. Foreign competitors have tariffs placed on their products, allowing local producers to become competitive and sell their goods to local consumers. Such policies have facilitated industrial growth and job creation throughout the world. If customs and excise duty were used in a progressive manner, as we have proposed many times to this Parliament and have outlined in our manifesto, South Africa would still be a poultry and textile industry.
While we believe that this Bill was a wasted opportunity, we recognise the need for it to be adopted in order to facilitate the administration and collection of carbon tax revenues. Watch this space. Thank you.