The South African Treasury has published draft Customs and Excise Act amendments for consultation, raising the reporting threshold for advance foreign exchange payments under Section 120 rules from ZAR 50,000 to ZAR 100,000 and updating related compliance provisions. Comments are open until 29 May 2029.
The South African Treasury has released draft amendments on 15 May 2026 for public comment under the Customs and Excise Act, 1964, relating to the repeal of the environmental levy on electricity, following the removal of the electricity levy effective from 1 April 2026.
This draft document from the South African Revenue Service (SARS) outlines proposed amendments to the rules under Section 120 of the Customs and Excise Act, 1964, specifically concerning advance foreign exchange payments.
The primary focus of these amendments is the increase of the monetary threshold for certain reporting and compliance requirements.
Key details include:
- Increased threshold for rule application: The rules under 120.13, which govern advance foreign exchange payments, will now apply to payments exceeding ZAR 100,000.00, an increase from the previous threshold of ZAR 50,000.00.
- Applicable import categories: This updated threshold applies to import categories 101 (01 – 10), as defined in the Currency and Exchanges Manual for Authorised Dealers.
- Provisions for currency fluctuations: The amendments also update rule 120.13.05A to account for situations where an importer initially applied for an advance payment below the threshold (where no Advance Payment Notification (APN) is required), but the amount subsequently exceeded ZAR 100,000.00 due to currency fluctuations before the authorized dealer could effect the payment.
Public feedback will be accepted until 29 May 2029.
