Average Exchange Rates
SARS has published the updated Tables A and B of the Average Exchange Rates on 3 December 2021. The next update can be expected in March of 2022.
The use of these average exchange rates is not compulsory. Stakeholders using average exchange rates which differ from those published by SARS must, however, keep record of all calculations for audit purposes.
Table A provides a list of the average exchange rates of selected currencies for a year of assessment as from December 2003.
Find a copy of Table A here.
Table B provides a list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months.
Find a copy of Table B here.
The above is relevant to the following sections of the Income Tax Act, 58 of 1962 (“IT Act”):
- Section 6quat(4)
- Section 9D(6)
- Section 9G
- Section 25D(3)
- Eighth Schedule to the Act
The average exchange rates and related examples can be accessed here.
21/01/2021