Electronic Export Monitoring System. Financial Surveillance Department

Transcription

1 Electronic Export Monitoring System Financial Surveillance Department

2 Legal framework. Objectives. Introduction Export declaration Customs. SAD 500: Box 28. Communication. Data reporting. Electronic export monitoring system. Conclusion.

3 Legal framework Currency and Exchanges Act, Exchange Control Regulations, Orders and Rules. Exchange Control Manual (Section K). Exchange Control Rulings. Exchange Control Policy

4 Objectives Ensure repatriation of export proceeds Ensure accurate reporting of export transactions. Cross Border Foreign Exchange Transaction Reporting System (CBFETRS)

5 Export declaration - Customs Single Administrative Document (SAD) 500 Replaced DA550 in Oct 2006 Completed by exporter or exporter s clearing agent To be completed irrespective of the value of the export

6 SAD 500 : Box 28 BOX 28. FINANCIAL DATA UCR 9ZA TRANS VALUE 12,000,000 USD TRANSACTION BANK AD CODE ENVIRON 360 CREDIT TERMS 030 ( 001 ADV NEP 180) VAT CLAIM 6

7 Completed when there are No Export Proceeds SAD 500 : Box 28 Credit terms Form NEP Replacement Goods Completion of Short Shipments Trade Samples Advertising i Material

8 SAD 500: Box 28 UCR 1 st digit = last digit of the year of the export i.e., 1 for 2011, 2 for 2012 etc. Next 2 characters = the SWIFT code of the country of export, i.e. ZA for South thafi Africa. Next t8dgts digits = CCN, Note! If the customs client code is less than 8 digits, then zeroes (0 s) must be added in front to make up 8 digits. 1 ZA Updated

9 SAD 500: Box 28 UCR Last 24 digits = the unique number of the document that the exporter will use to link export proceeds with a specific export consignment, can be invoice, quotation, order, shipment no., etc. - e.g., 454 if that t invoice i number is the link. The four parts 1ZA combined make up the UCR - 1ZA It must be on the SAD

10 Last digit of the year of export (1) SAD 500 : Box 28 UCR SWIFT Country Code (2) Customs Client Number (8) Last 24 characters: Unique number exporter will use to link export proceeds with a specific export. Can be: invoice, quotation, order, shipment no etc. (1 24) 1 Z A No changes to No hyphens, slashes, spaces or special characters. first 11 characters Unique Number characters character minimum : 35 characters maximum

11 SAD 500 : Box 28 bulk prepayment - multiple exports Allocate one single UCR and use on all related export entries $ $ $$ BOX 28 FINANCIAL DATA UCR 1ZA ZA

12 SAD 500 : Box 28 instalment payments - multiple exports Allocate one UCR on first payment and use on all related export entries and later payments. 30% 30% 40% Up-front SOB days $ $ $ $ $$ $$$ $ $$ BOX 28 FINANCIAL DATA UCR 1ZA ZA

13 SAD 500 : Box 28 short shipments - prepaid exports One UCR for first payment One UCR for 2nd payment 1ZA $ $$$ Two items ordered 1ZA Two further items ordered $ $$$ Only one item shipped Two separate entries required plus...outstanding order now available...

14 Communication BANK ADVICE OF PAYMENT INSTRUCTIONS TO CREDIT CFC OR CONVERT TO ZAR and CREDIT CURRENT A/C etc. MUST PROVIDE CCN and UCR EXPORTER 1st QUERY DIRECTED TOWARDS BANKS AS PER SAD 500 CBFETRS REPORTING CCN and UCR SARB 2nd QUERY DIRECTED TOWARDS EXPORTERS MATCH PAYMENT AGAINST ORIGINAL SAD 500 DETAILS CCN and UCR

15 Data reporting SARB receives two streams of data. Customs provide SARB with export data. Banks report to SARB the cross-border transactions via the CBFETRS. Export data post-clearance with CCN & UCR CCN & UCR Export proceeds with CCN & UCR CUSTOMS AUTHORISED DEALERS SARB

16 Electronic export monitoring system 1st leg: Physical Export 2nd leg: Payment for goods RESIDENT EXPORTER 1 3 RESIDENT EXPORTER R 1,000, ZA Macro R 1,000, ZA Payment advice 2 4 CUSTOMS SARB AUTHORISED DEALER Non SA NON-RESIDENT IMPORTER 16

17 Conclusion The electronic export monitoring system was implemented on via Exchange Control Circular No. 46/2010 dated The success of the electronic export monitoring i system dependsd on accurate exports data reporting.