Draft amendment to rules under section 120(1)(mC) – Insertion of rule to advance foreign exchange import payments
The Advance Import Payment (AIP) project is one of Customs’ modernisation initiatives. This project aims to bring together data from SARS, Authorised Dealers and the South African Reserve Bank (SARB) to increase regulatory controls relating to advance foreign exchange payments in order to prevent illicit financial flows and combat customs valuation fraud associated therewith.
Proposed rules under section 120(1)(mC) of the Act have been inserted providing for –
- procedures for notifying Commissioner of intention to submit application for advance payment to authorised dealer;
- issuing of advance payment notice (APN) reference number;
- requirements for authorised dealers; and
· communication through eFiling for purposes of advance payments.
Concerned parties must record their comments on the Customs & Excise Comment Sheet.