On May 8, 2026, Sars extended an invitation to comment on its proposed draft amendment to Rules under Section 120.
Rule 120.13 of the Customs and Excise Act, 1964, deals with ‘Advance foreign exchange payment’, on which comment is due by May 20, 2026.
The Explanatory Note
Rule 120.13 of the Act, 1964, deals with advance foreign exchange payments in relation to goods to be imported. Importers are required to notify Sars of advance foreign exchange payments of more than R50 000. The proposed amendments increase that amount to R100 000 as a result of the increase in cross-border transaction limits by the South African Reserve Bank, by Exchange Control Circular 3-2026.