1) Exchange Rates as at 1 October 2001 – Valuation date for Capital Gains Tax purposes:

2) Average exchange rates for a year of assessment – The Average Exchange Rate is published in terms of the Income Tax Act, 1962 which provides specifically for amounts expressed in a foreign currency that must be translated into Rand by the application of the applicable average exchange rate. 

3) Rates of Exchange – The Customs Rate of Exchange is used to convert the foreign amount import or export invoices into South African Rand.  This is updated once a day with information obtained from the South African Reserve Bank by the Valuation Policy division.