- SARS is amending rules to facilitate customs-related submissions due to transfer pricing adjustments
- Lack of formal guide on disclosing TPAs and adjusting customs declarations led to the need for rule amendments
- TPAs can create uncertainty in customs valuation, leading to underpayment of import VAT and customs duty
- Importers must disclose retrospective TPAs and make submissions on their impact from a customs valuation, duty, and VAT perspective
- Failure to disclose TPAs could result in retroactive invalidation of a customs declaration and demand for additional payments
- Importers must comply with any further instructions issued by SARS after submitting a notification
Source: za.andersen.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
