The Advance Import Payment (AIP) Notification as part of the Advance Payment Notification (APN) project is one of SARS’ Customs Modernisation Programmes that aims to combat illicit financial flows and customs valuation fraud associated with the misuse of advance foreign exchange payments in respect of goods that are to be imported.
WHAT IS THE PURPOSE OF THE APN?
Through this programme, the South African Reserve Bank (SARB), SARS and authorised dealers in foreign exchange will collaborate to make it easy for taxpayers and traders to comply with their obligations, to detect taxpayers and traders who do not comply, and to make non-compliance hard and costly as expressed in SARS’ strategic objectives.
WHAT IS COMING SOON?
On 3 December 2021, SARS will be implementing a new functionality on its eFiling platform for importers to notify SARS when they want to apply to an authorised dealer for an advance foreign exchange payment in respect of goods to be imported.
NEED MORE INFORMATION?
3 December 2021 – Policy & Guide coming soon
26 November 2021 – Letter to Trade
2 November 2021 – APN (Imports) Presentation to the Industry