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Average exchange rates

18 September 2012   (0 Comments)
Posted by: SAIT Technical
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By SARS Legal & Policy

The term "average exchange rate” is defined in section 1 of the Income Tax Act, 1962, (Act No. 58 of 1962) (the Act), to mean in relation of a year of assessment the average exchange rate determined by using the closing spot rates at the end of daily or monthly intervals during a year of assessment, which must be consistently applied within that year of assessment.

The South African Reserve Bank publishes weighted average exchange rates, based on the foreign exchange transactions ofcommercial banks, on a quarterly basis. These rates may be used in the determination of the average exchange rate as required in the Act and are supplied on this web page to enable stakeholders (taxpayers) to use it for this purpose.
Note: These average exchange rates do not represent spot rates for purposes of the Act.

The use of these average exchange rates is not compulsory. Stakeholders using average exchange rates which differ from those published by SARS must, however, keep record of all calculations for audit purposes.

Please click the links below to download the the latest average exchange rates:

Table A: A list of the average exchange rates of selected currencies for a year of assessment as from
December 2003

Table B: A list of the monthly average exchange rates to assist a person whose year of assessment is
shorter or longer than 12 months

The tables of the average exchange rates are updated on a quarterly basis. The next update can be expected in December 2012.


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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