The Bank has been fully informed of the new SARS statistics which include South African merchandise exports to and imports from the other SACU countries (Botswana, Lesotho, Namibia and Swaziland) and the validation processes underpinning them. It has become possible to obtain the new statistics as a result of the modernisation of customs data collections systems over the past four years. The Bank welcomes these series as valuable additions to the building block data used to compile South Africa’s balance of payments. In the past, SARS did not include BLNS trade with South Africa in the trade statistics disseminated to the public. However, the Bank has always included its own estimates, which were derived from various sources, of the trade between South Africa and the other SACU countries in its compilation of South Africa’s overall imports and exports. Therefore the impact on the balance of payments will be less than the amounts of BLNS exports and imports now disseminated by SARS.
The new building block data will be incorporated in the balance of payments, leading to improved measurement. Previously published statistics will also be revised. The revised balance of payments data for South Africa will be finalised in the next few weeks and published in the Bank’s Quarterly Bulletin, due to be released on 3 December 2013.
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.