Changes to Sars Cheque Deposits From 01 April 2010 the South African Revenue Service (Sars) will no longer accept cheque payments made using the abbreviation “Sars”. All cheques must now be made out to “South African Revenue Service”. According to Sars, this decision has been taken as part of its ongoing efforts and that of the banking institutions to limit the opportunities for fraudulent activities as well as decrease possible losses due to similar account names. Taxpayers can also pay by online banking, electronic funds transfers (EFTs) or payments through the secure efiling channel. New ICC Rules for Demand Guarantees On 18 March 2010 the International Chamber of Commerce (ICC) unveiled an extensively revised version of the Uniform Rules for Demand Guarantees (URDG) to be implemented on 01 July 2010 which will be instrumental in adopting uniform practices in trade finance. The revision of the URDG has been carried out by the ICC Banking Commission and the ICC Commission on Commercial Law and Practice, which are made up of representatives from companies around the world. The new rules contain significant changes practitioners will need to know, including: (i) New definitions and interpretation rules to provide greater clarity and precision; (ii) The treatment of non-documentary conditions, asymmetrical guarantees and counterguarantees, incomplete presentations, and many other contentious practices; (iii) Comprehensive coverage of advice of guarantees, amendments, electronic documents, transfers, and other innovative aspects of demand guarantee practice; (iv) A provision on force majeure that triggers an extension of a guarantee for thirty calendar days; and (v) The replacement of “reasonable time” with fixed periods for the examination of demands, the extension of guarantees and the suspension of payments. ICC to Host Major Banking Conference On 23 April 2010 the world’s top banking leaders and experts will assemble in Beijing, People’s Republic of China to discuss key issues and solutions for speeding up recovery from the economic crisis. The Conference is titled “Trade Routes to Recovery”. A highlight of the meeting will be the release of the findings of the ICC Global Trade Finance Survey 2010. The survey is a leading market research initiative of the ICC to fill the information gap in trade and finance. Final Opportunity – Comment Due A notice has appeared in respect of the: (i) proposed increase in the rate of customs duty on pigments and preparations based on chrome oxide green, lead chromate, zinc chromate, barium chromate or strontium chromate, inorganic pigments; and (ii) possible re-instatement of the Rebate Items which existed prior to the reduction of the tariff. Comment is due by 26 March 2010.
