Amendment to Customs Act to help stem illicit outflows
Sars to work more closely with banks
The law governing customs and excise matters is to be amended to allow the SA Revenue Service (Sars) to work more closely with banks in a bid to stamp out illicit financial flows. Illicit financial flows represent a huge loss to the fiscus estimated at billions of rands. The proposed amendment to the Customs and Excise Act was signalled in the budget review tabled in Parliament on Wednesday and mentioned by Sars acting commissioner Mark Kingon in reply to questions by MPs on Thursday. Kingon accompanied finance minister Tito Mboweni and Treasury officials in a briefing to members of four parliamentary committees on the budget. The budget review said that “the government will consider amendments enabling the confidential disclosure of names and associated reference numbers of customs clients as well as other information necessary to verify legitimate financial flows”. “The proposed amendment will align the Customs and Excise Act with the similar approach adopted in the Tax Administra...
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