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​Tables A and B of the Average Exchange Rates in terms of the Income Tax Act, 1962, were Updated

11 December 2013   (0 Comments)
Posted by: Author: SARS Legal and Policy
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Author: SARS Legal and Policy

The Income Tax Act, 1962, provides specifically that certain amounts expressed in a foreign currency must be translated into rand by the application of an applicable average exchange rate.

The term "average exchange rate" is defined in section 1(1) of the Act and means, in relation to 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. This rate must be applied consistently within that year of assessment.

The South African Reserve Bank (SARB) determines weighted average exchange rates, based on the foreign exchange transactions of commercial banks. SARS publishes these rates on a quarterly basis, which may be used by stakeholders (taxpayers) in the determination of the average exchange rate when required in the Act.

Please click on one of the links below to access the relevant updated average exchange rate table.


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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