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Updated Average Exchange Rates - December 2011

Monday, 09 January 2012   (0 Comments)
Posted by: SAIT Technical
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Average Exchange Rates (in terms of the Income Tax Act, 1962)

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 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.

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

The Act provides specifically that certain amounts expressed in a foreign currency be translated into Rand by the application of the applicable average exchange rate, see our Specific provisions of the Act.

To access Table A, click here

To access Table B, click here




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