F178 Exchange Control Form Withdrawn Due to various requests from readers, this week’s column provides details of the withdrawal of the F178 form. In a letter dated 22 December 2010 the South African Revenue Service (Sars) announced that the paper-based monitoring system for exports (Form F178) would be replaced with the more efficient electronic system on 03 January 2011. Consequently, exporters are exempted from the provisions of Exchange Control Regulation 6(10) (a) and therefore goods exported from South Africa for sale abroad need not be supported by an attested Form F178. The introduction of the electronic export monitoring system will complement the Customs Modernisation Programme. The SARB’s Exchange Control Circular No.46/2010 is titled “Implementation of the electronic export monitoring system and the withdrawal of the Form F178” and reads as follows: Authorised Dealers are referred to the announcement by the Minister of Finance on 2009-10-27 in the Medium Term Budget Policy Statement that the current paper based monitoring system of exports (Form F178) will, in due course, be replaced with a more efficient electronic system. The Financial Surveillance Department will formally implement the electronic export monitoring system on 2011-01-03. Consequently, exporters will be exempted from the provisions of Exchange Control Regulation 6(10)(a) and Authorised Dealers will no longer be required to confirm the receipt of export proceeds, unless directed to do so by the Financial Surveillance Department. As a further administrative relief to Authorised Dealers, all attested Forms F178 not acquitted may be disregarded. Exchange Control Regulations 6(10) (a), (b) and (c) will, in due course, be amended and the Form F178 withdrawn. Authorised Dealers are reminded that the electronic export monitoring system is dependent on the correct reporting of the mandatory Exporter Code (“customs code number”) and the Unique Consignment Reference (“UCR”) on the electronic cross border foreign exchange transaction reporting system. The introduction of the electronic export monitoring system will necessitate a number of changes to the Exchange Control Rulings, and amendments will be made in due course. DA160 Draft Excise Form Sars has invited comment on its 56-page Draft Excise Form DA160, which relates to petroleum products and its Annexures, by no later than 10 February 2011. Duty Calls’ “Watch List” Future amendments: Anti-dumping duty on paper insulated lead covered electric cables originating in or imported from India. Tariff application for the amendment of the tariff subheadings for monitors. Tariff application for amendment of Rebate Item for canned pineapples. Rules for the Electricity Levy (Schedule No.1 Part 3B to the Act). Rules for spirits, vermouth, and wine (Rules to Section 38 to the Act).
