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Customs and Excise Act Rules Amended

October 20, 2020

South African Revenue Service

Customs and Excise Act Rules have been amended.

The South African Revenue Service (SARS) published the amended Rules in Government Gazette 43811.

Rule 59A.01A is amended by the substitution in paragraph (c)(ii)(bb) for the expression “60 days” of the expression “60 calendar days” and for the expression “20 April 2020” of the expression “24 April 2020”.

The expression “60 days” in paragraph (c)(iii)(B) is also substituted for the expression “60 calendar days”.

Amendments are also introduced to Rule 60.10(1).

The amendments came into effect on the date of publication save for paragraph (a)(ii) of item 1 and paragraph (a)(ii) of item 2 which are regarded to have come into effect on 24 April 2020.

Meanwhile, in Notice 1097, SARS published an amendment to Schedule 6 of the Customs and Excise Act.

Section D to Part 1 of Schedule No. 6 is amended by the deletion of refund item 621.16/104.21.03/02.01 in order to exclude denatured ethyl alcohol as a VMS does not receive, manufacture or use denatured ethyl alcohol.

The amendment applies from 16 October 2020.

In Gazette 43810, the Accounting Standards Board called for comment on Exposure Draft 185 on “The Effects of Past Decisions on Materiality”.

Comment is invited until 26 February 2021.

In Board Notice 125, the Financial Sector Conduct Authority called for comment on proposed amendments to the A2X Rules.

The call was made in terms of the Financial Markets Act.

Comment is invited within 14 days of the date of publication.