AS PART of customs’ move towards full electronic clearance of exports, the parent authority, SA Revenue Services (SARS), started a pilot project two weeks ago. This, according to information released to FTW by Deloitte & Touche, meant that SARS branch offices accepted F178 (currency exchange declarations) forms electronically attested by ABSA Bank. This will run till June 30, 2004, but with the condition that SARS and the SA Reserve Bank reserved the right to terminate this acceptance at any stage before such a date, dependent on the status of the incorporation of F178 requirements on customs export clearance documents. It basically removes SARS’ involvement in the flow of F178s, bypassing the need for SARS to check or control the information and particulars on these forms. In practical terms this sees SARS merely accepting all these forms presented to it and stamping and forwarding them to the SARB.
Sars accepts electronic exchange declarations
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