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Updated average exchange rates (March 2013)

Sunday, 10 March 2013   (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 of
commercial 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 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.

The tables of the average exchange rates are updated on a quarterly basis. Please click to download the latest average exchange rates below:

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
Example How to calculate Average Exchange Rates for a period longer than 12 months - see Example



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.

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