Currently, entities wishing to sell goods in bond have to, inter alia, prepare draft SAD500s and complete a declaration for submission to Sars requesting permission to transfer ownership.
In terms of the draft rule 26.03, the release notification issued by the Commissioner with respect to the goods must be regarded as the granting of the application.
However, the declaration is still to be completed by the parties and retained should Sars wish to inspect it.
For more information, contact Shepstone & Wylie at: 27 (0) 31 575 7000 /info@wylie.co.za / customs@wylie.co.za