The South African Reserve Bank requires importers requesting advance payments from authorised dealers of foreign currency, prior to the physical inspection of goods, to provide said Authorised Dealers with a SARS Customs Declaration. The purpose of the SARS Customs Declaration is to prove that the foreign currency provided had been utilised for the stated purpose and that the goods have been imported into South Africa
According to SARS, there is significant non-compliance by importers. SARS is therefore proposing the introduction of a pre-filing advice that will address the current problem of unacquitted advanced import payments.
In this regard, SARS will be hosting various awareness raising sessions ahead of implementation and has approached BUSA to determine interest in convening a session specifically for BUSA members. Should your organisation / company be interested in attending such a session, please contact me by 2 July 2019, in order for BUSA to ascertain interest in the proposed workshop.