Importers must prepare for the new Sars requirements for Importing.
The new Advance Payment Notification (APN) requirements will come into effect as from 1 December 2023. The APN requirements have been put in place to help combat illicit cash flows. These changes will affect all transactions above R50 000.
What is an APN?
It is an application made by an importer. The application serves as a notice that the importer has an intension to make a payment to a supplier (for payments larger than R50 000). The APN is submitted via efiling.
On the other hand an advance import payment is a foreign exchange payment that is made to a supplier in advance towards the importation of goods.
The APN requirements are a necessary upgrade to the system in that it will assist SARS in tracking advance payments, and this will help with increasing efficiencies in the customs and excise clearing space.
Implementation
It is important to partner with the right international payments partners, this will mean there will be little to no effort needed from an importer to adapt to the new requirements.
The right payment provider will ensure that the importer is guided throughout these regulatory changes.
International Payments Providers
While Banks are able to facilitate the international payment there is the lack of customer service (personal touch).
Ensure you select the right international payments provider that will assist you with more than just converting currency and making a payment. Most smaller importers are not given the same service as the value of the activity is seen as "small".
Frequently asked questions
What is a clearance declaration?
Every importer and exporter of goods must lodge a customs clearance declaration (CCD). The importer/exporter makes a self-assessment and submits this to customs (electronically or manually).
What is the sc cf-55 clearance declaration policy?
Importers and exporters must be registered or licensed as prescribed in SC-CF-19 before they can submit a customs clearance declaration (CCD). A CCD is what is used in the process of clearing goods at customs.
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