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Exchange Control: Recent amendments to the Currency and Exchanges Manual for Authorised Dealers
- 19 December 2019
- Corporate Tax
- Louis Botha
Monday, 27 August 2018
Important:
This article is based on tax law for the tax year ending 28 February 2019.
Author: Louis Botha
As part of its review of South Africa’s exchange control rules, the Financial Surveillance Department of the South African Reserve Bank (FinSurv) from time to time issues exchange control circulars, notifying persons of changes to these rules.
On 2 August 2018, FinSurv issued Exchange Control Circular No.12/2018 (Circular 12/2018) and on 20 August 2018, it issued Exchange Control Circular No.13/2018 (Circular 13/2018), setting out changes made to the Currency and Exchanges Manual for Authorised Dealers (Manual).
As explained in our Tax & Exchange Control Alert of 21 April 2017, the Manual must be read in conjunction with the Exchange Control Regulations, 1961 (Regulations). It sets out the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by Authorised Dealers (ADs) and/or on behalf of their clients in terms of Regulation 2(2) of the Regulations.
Amendments referred to in Circular 12/2018
In sA.1 of the Manual, the definition of the phrase “foreign currency” has been amended. Whereas the definition previously included “Rand to or from a non-resident Rand account”, this no longer forms part of the definition and instead a new definition for the phrase “Non-resident Rand” has been inserted. “Non-resident Rand” has been defined to mean Rand to or from a non-resident account that may be deemed, in certain circumstances permissible elsewhere in the Manual, as an acceptable payment mechanism in lieu of foreign currency. The definition further states that “Non-resident Rand” cannot, in any manner, be defined as foreign currency and is purely Rand held in a non-resident account or Rand received from a non-resident source.
Please click here to read more.
This article first appeared on cliffedekkerhofmeyr.com.