IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
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Inception date: No inception date

Controls on commercial transactions and investment instruments

In the 2009 budget statement, made on 17 March 2009, the Finance Minister proposed the removal of the existing foreign currency surrender requirement. These were deemed to be an unnecessary tax now that all international commerce was to be conducted in foreign currency. Previously, all traders were to sell 5% of their gross sales to the Reserve Bank at the going market exchange rate. Also, all exporters including gold producers were required to sell 7.5% of their gross export proceeds in their foreign currency accounts to the Reserve Bank. These regulations have been abolished. It should also be noted that the Finance Minister warned that taxes on the business community would likely rise but not during the present recession. No indication was given as to likely form of those taxes (such as trade-related taxes). 
The budget also allowed importers longer to pay any tariffs now that those payments must be made in foreign currency. Some personal (individual) duties on imports about the customs threshold were increased.
 

AFFECTED COUNTRIES

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