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Draft issue 2 of Interpretation Note 63- Rules for translation of amounts in foreign currencies

Friday, 13 February 2015   (0 Comments)
Posted by: Author: SARS
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Author: SARS

SARS has published issue 2 of Interpretation Note 63 on foreign currencies. The draft provides guidance on the application on foreign currency, whether the amounts must be translated to an equivalent amount in rand using either a spot rate, or an average exchange rate. The draft prescribes which rate must be used, depending upon the nature of the underlying transaction and the type of taxpayer involved. 

The SAIT will be making submissions to SARS on this matter. Kindly submit comments to by no later than 27 May 2015.

Please click here to access Issue 2 of Interpretation Note 63.

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