ARTICLE · 18 MARCH 2024

Customs: Draft Rule Amendments On Transfer Pricing Adjustments

Andersen in South Africa

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The South African Revenue Service (SARS) is in the process of amending the rule to facilitate customs related submission resulting from transfer pricing adjustments ("TPA").

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The South African Revenue Service (SARS) is in the process of amending the rule to facilitate customs related submission resulting from transfer pricing adjustments ("TPA").

The South African Revenue Service (SARS) is in the process of amending the rules to facilitate customs-related submissions resulting from transfer pricing adjustments ("TPA").

Over the years, SARS has not had a formalised guide on how to disclose TPAs and on adjusting the customs declarations (bills of entry) affected. It is in this regard that SARS now seeks to amend the Rules under the Customs and Excise Act, 1964, ("Customs Act") to provide clarity and certainty for importers impacted by retrospective TPA. This process is relevant on how to account for previous customs declarations.

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