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Customs and Excise Act Rules Amended

August 4, 2020

South African Revenue Service

Customs and Excise Act Rules have been amended.

The South African Revenue Service published the amended rules in Government Gazette 43569.

Rule 59A.03 is amended by the substitution in paragraph (a) for a new subparagraph (iii).

Persons in terms of section 59A(b)(ii) that are excluded from formal registration requirements and may, subject to subparagraph (v), make use of the registration code 70707070 are listed.

A new subparagraph (v) is also inserted into paragraph (a) outlining when Registration Code 70707070 may be used.

Meanwhile, national treasury has published the rate of interest on government loans:

• Notice 406 – Standard Interest Rate fixed at 7.25% per annum from 1 July 2020;
• Notice 407 – Standard Interest Rate fixed at 7.75% per annum from 1 May 2020.

In Board Notice 89, the Financial Sector Conduct Authority announced that amendments to the Johannesburg Stock Exchange Debt Listings Requirements have been approved.

The amendments come into effect 30 days from the date of publication.

In Board Notice 87, the Accounting Standards Board has called for comment on the Exposure Draft on Revision of GRAP 25 Employee Benefits and IGRAP 7 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction (ED 184).

Comment is invited until 30 November 2020.