On 17 April 2026, the South African Revenue Service (SARS) invited stakeholders to comment on its proposed amendment of the Rules to the Customs and Excise Act, 1964, relating to Surety Bonds. Comment is due by 08 May 2026.
It is proposed that Rule 120.08 be substituted to specify that security in the form of a surety bond can now be furnished in either paper or digital format. In addition, a definition for “digital format” has been incorporated into the rule.
Rule 120.08 is proposed to be substituted for the following rule:
“120.08 (a) Whenever, for purposes of the Act, security is furnished in the form of a surety bond, such bond shall be –
(i) given by an approved banking or insurance institution;
(ii) in an approved form; and
(iii) in paper or digital format.
(b) For purposes of paragraph (a)(iii), “digital format” means a bond that is issued, recorded, stored and managed on a digital platform approved by the Commissioner and indicated on the SARS website for that purpose.