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17: Export documentation > Documents
required to export goods from South Africa > Exchange Control Forms |
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Exchange
Control Forms
Forms F178/NEP
South Africa is one of the few countries that still applies fairly strict exchange control regulations to the movement of foreign currency in and out of the country. In accordance with these regulations, the exporter is expected to complete Form F178 (where foreign exchange will be generated through the sale of the exported goods) or Form NEP (in instances where no foreign exchange is generated - NEP stands for No Exchange Proceeds). These two documents are both referred to as exchange control declarations. These forms are to be completed in duplicate and the original must be attested by the exporter's commercial bank; if this is not done, the form will not be accepted by the Customs authority. The bank will keep a copy, while the original and all additional copies, accompanied by the Customs Declaration Form (SAD 500), must be submitted to the Customs authority at the time of export. Customs will keep the original, returning additional copies to the exporter.
Form E
This is a South African Reserve Bank form required to be completed by exporters once they have sold their goods abroad and have received payment for these goods. Form E essentially underpins the sale of the foreign currency received by the exporter, to the local commercial bank. The form needs to be completed within 30 days of receipt of the foreign currency by the exporter. Form E need only be completed if the amount is greater than R50 000. The details of the corresponding Form F178 that the exporter completed at the start of the transaction must be reflected in Form E.
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Tip:
Goods exported within the rand monetary area do not require Form F178.
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Forms for Exchange Control
Form F178 - Exchange Control Declaration i.r.o. exports.
Form
MP79(a) - Exchange Control Questionnaire. Exemption from Reg 3(1)e and/or 3(1)(f).
Form NEP - Declaration i.r.o. Goods leaving the (Common Monetary Area - CMA) without accrual of foreign exchange.
Form E - Repatriation of foreign exchange received from abroad form
Exchange Control Manual - The South African Reserve Bank provides a complete downloadable Exchange Control Manual.
Procedures for import/export transactions - The Exchange Control Department of the South African Reserve Bank provides procedures for the import and export transactions of corporates. PDF document.
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