Bank of Zambia. Bank of Zambia Balance of Payments Monitoring Guide (2013)

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1 Bank of Zambia Bank of Zambia Balance of Payments Monitoring Guide (2013)

2 Bank of Zambia Balance of Payments Monitoring Guide (2013) Document Information AUTHOR VERSION 3.00 PROJECT Bank of Zambia Balance of Payments Monitoring STATUS Work in progress In Review Approved SUPPORT DOCUMENTS USED 1. Statutory Instrument No. 55 of 2013 (Balance of Payments Monitoring Regulations) 2. Bank of Zambia Amendment Act of Bank of Zambia Act 1996 Section Study Tour Report Tanzania 5. Study Tour Report South Africa 6. Study Tour Report Namibia SOURCE OF AUTHORITY 1. The Ministry of Finance 2. Bank of Zambia Board

3 TABLE OF CONTENTS 1.0 Purpose Transaction thresholds Transactions to be monitored Inflows to be monitored International Transactions Foreign currency denominated accounts for exporters Foreign currency denominated accounts for foreign investors Export Monitoring Form I Import and Remittance Monitoring Form II Export/Import Acquittal Process Modes of payments for Imports and Exports Returns by Registered Commercial Banks to the Bank Payments of dividends, royalties and management fees etc Dividends Royalties and Management Fees Private External Borrowing/Lending Registration Form III Record of Loan Agreements Reporting Requirements by Financial Service Providers Applicability of Anti-Money Laundering Measures/Combating of Financing of Terrorism Adherence to existing import and export procedures... 13

4 Bank of Zambia Balance of Payments Monitoring Guidelines (2013) 1.0 Purpose Statutory Instrument No. 55 (SI 55), Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013 empowers the Bank of Zambia (the Bank) to put in place the balance of payments monitoring frame work. As part of the framework, the Bank has issued this guide to assist in the effective implementation SI 55 which comes into effect on 1 st July In particular the following stakeholders will be critical to the implementation process; financial service providers, Zambia Revenue Authority (ZRA), Zambia Development Agency (ZDA), exporters, importers, foreign investors and any other person receiving or remitting foreign currency. 2.0 Transaction thresholds The Regulations shall apply to all transactions with a threshold of, or exceeding, twenty thousand United States Dollars or the equivalent in any foreign currency for importation or exportation of goods and services. The regulations shall also apply to dividends, royalties, management fees, technical fees, commissions, consultancy fees, Government securities maturities and other related transactions, regardless of the applicable thresholds referred to above. All transaction stated above shall be processed through a registered commercial bank. 3.0 Transactions to be monitored The Regulations empower the Bank to take measures to monitor all inflows and outflows of foreign exchange and all transactions relevant to the country s balance of payments. 3.1 Outflows to be monitored In line with the SI 55, the Bank will in relation to outflows, monitor the following transactions: a) The value of imported goods; b) The value of any imported services, including management services;

5 c) Any amounts remitted out of Zambia whether unrequited (gratuitous 1 ) or otherwise; d) The amounts, if any, deposited abroad but generated by a person resident in Zambia from the supply of goods produced or services rendered in Zambia; e) Loans granted to non-residents; f) Trade credits from non-residents; g) Investments made in the form of equity outside Zambia by persons in Zambia; h) Investments made in the form of debt securities outside Zambia by persons resident in Zambia, and, i) Payment of both principal and interest on private external debt. 3.2 Inflows to be monitored In relation to inflows, the Bank shall monitor the following: a) The value of goods or services exported out of Zambia; b) Profits or dividends received in respect of investments abroad; c) Borrowings from non-residents; d) Trade credits to non-residents; e) Investments in the form of equity from abroad; f) Investments in the form of debt securities from abroad; Receipt of both principal and interest on loans to non-residents; g) Any other remittances into Zambia from abroad, and, h) Receipts of both principal and interest on loans to non-residents. 3.3 International Transactions In addition, the Bank of Zambia shall monitor the following international transactions; a) The value of imported or exported manufacturing services or goods from or to non-residents; b) The net cost effect of telecommunication services; c) The value of international transport, courier and postal services; d) Value of accommodation and other hospitality services to or from non-residents; and 1 For example a gift

6 e) International money transfers into and out of Zambia. 4.0 Foreign currency denominated accounts for exporters SI 55 requires all registered commercial banks to facilitate the opening of foreign currency denominated accounts in respect of all exporters for receipt of export proceeds. Any person that engages in exports of goods and services shall be required to open a foreign currency denominated account for receipt of export proceeds. If an entity has an existing foreign currency denominated account, it may not be necessary to open another foreign currency account. 5.0 Foreign currency denominated accounts for foreign investors 5.1 A foreign investor who acquires incentives under the Zambia Development Agency Act (2006) shall be required to open a foreign currency denominated account with a registered commercial bank in Zambia through which the cash component of the pledged investments into Zambia shall be received. For purposes of complying with SI 55, a registered commercial bank shall collect the following documents in addition to the usual documentation required for the purpose of conducting customer due diligence at account opening stage; a) An investment license; b) Evidence of the pledged capital for the investments; and c) Evidence of nationality of the promoters. 5.2 In circumstances, where an investor staggers the pledged capital for investments over a period of time, the financial service provider shall ensure that each time a deposit is received; the investor reports to the Bank through the ZDA for the purpose of monitoring inward flow of investment pledges. 5.3 Where a foreign investor brings in capital in form of equipment/machinery, the investor shall submit through the ZDA, a customs certified report of the monetary equivalent of the equipment/machinery to the Bank for monitoring inward flow of investment pledges. 5.4 In cases where a foreign investor pledges intangible forms of capital such as technical skills, inventions or other forms of innovations, a foreign investor shall be required to quantify these in monetary terms for the purpose of acquitting the transactions, through the ZDA. The guiding principle will be to consider the cost that the foreign investor would have paid for the services, inventions or technical skills if they were to be outsourced.

7 6.0 Export Monitoring Form I 6.1 The Export Monitoring Form I to be completed by all exporters, in respect of any proposed exports of, or exceeding, twenty thousand United States Dollars (USD20,000) or the equivalent in any foreign currency shall be made available on the Bank website and the websites of all financial service providers for ease of access by exporters. 6.2 In respect to the value of exports, the exporter will complete the Export Monitoring Form on the basis of the known price estimates at the time of the export. An exporter will be required to complete four (4) copies of the Export Monitoring Form which shall be distributed as follows: a) a copy shall remain with the financial service provider; b) The exporter will take three copies to accompany the goods being exported. After verification by the Zambia Revenue Authority at the port of exit, the exporter shall retain a copy and leave two copies with the Zambia Revenue Authority. The Zambia Revenue Authority will retain one copy and send one copy to the Bank. 6.3 The financial service provider shall be required to check that all required fields in the Export Monitoring Form I are completed and verify the correctness and completeness of the exporter s account details prior to stamping and signing the Form. The exporter shall be held accountable for any false declaration of Form I. 6.4 For transactions such as receipt of funds, recipient shall submit completed Form I in duplicate to their respective FSP, attaching all relevant documentation. FSP shall scan and a copy of the funds recipient s completed Form to the Bank of Zambia using the address: 6.5 Where an exporter receives advance payments before the goods are exported or the services are rendered, the exporter of goods or services will complete the Export Monitoring Form at the time of receipt of the inward funds into the foreign currency denominated account. 6.6 An exporter will complete a separate form for each invoice amount to be acquitted in its own right. Where separate advance amounts are made, the exporter or service provider will be required to indicate the total invoice amount on the Export Monitoring Form against which the various advance payments will be acquitted. 6.7 Where an exporter makes several exports but receives a single invoice amount from the importer, all the Export Monitoring Forms relating to the invoice will be required for the acquittal of the export transaction.

8 6.8 Where a person is permanently exporting previously imported equipment, they shall be required to provide evidence of initial importation of the equipment. Where permission for permanent export of equipment has been issued by a relevant government agency prior to the coming into effect of these regulations, the exporter shall provide proof of that permission to the Bank. 6.9 In cases where goods are exported for the purpose of exhibitions and shows, the exporter shall be required to complete the Export Monitoring Form I indicating the estimated value of the goods and make an acquittal upon re-entry into Zambia. Where the goods have been sold, the acquittal shall be by way of a customs declaration form for the total sum equivalent to the value of goods sold. Additionally, invoices shall be required as part of the transaction acquittal Where an export is on credit and in excess of two hundred thousand United States Dollars (USD200, ), the financial service provider shall be required to ensure that the exporter has in addition to the Export Monitoring Form I, a letter of credit. 7.0 Import and Remittance Monitoring Form II 7.1 The Import and Remittance Monitoring Form II to be completed by all importers and remitters, in respect of any proposed imports/remittances of, or exceeding, twenty thousand United States Dollars (USD20,000) or the equivalent in any foreign currency shall be made available on the Bank website and the websites of all financial service providers for ease of access by importers and remitters. The importer/remitter shall be held accountable for any false declaration of Form II. 7.2 An importer/remitter shall be required to complete four (4) copies of the Import and Remittance Monitoring Form which shall be distributed as follows: a) a copy shall remain with the financial service provider; b) upon receipt of goods at the port of entry, an importer shall take three copies of Form II that will be verified and endorsed by the Zambia Revenue Authority. After verification and endorsement, the importer shall retain a copy and leave two copies with the Zambia Revenue Authority. The Zambia Revenue Authority will retain one copy and send one to the Bank. c) Where a remitter sends funds in respect of services or gratuitous transactions that are not taxable, only two copies of Form II shall be completed (one copy to the remitter, one to the financial service provider. FSP shall scan and a copy of the funds recipient s completed Form to the Bank of Zambia using the address:

9 8.0 Export/Import Acquittal Process 8.1 An exporter shall ensure that they acquit transactions with the financial service provider on receipt of the export proceeds not later than one hundred and twenty days from the date of export of goods or services. The one hundred and twenty day period shall kick in upon goods exiting the Republic at the customs port of exit. 8.2 Where an exporter receives prepayments for the exports, the exporter shall be required to complete the Export Monitoring Form I once the prepayments have been received into the exporter s foreign currency denominated account. The exporter will retain three copies and leave one form with the financial service provider. On export of the goods, the remaining forms must accompany the shipment to the port of exit where ZRA will endorse the forms and retain two copies; the exporter will retain a copy. The transaction will immediately acquit. In cases where there is partial prepayment, the transaction will only acquit after receipt of final payment but within 120 days. 8.3 An importer or remitter shall ensure that they acquit the transactions carried out with the financial service provider within one hundred and twenty days from the date of the transfer by providing a customs clearance of the imported goods or evidence of provision of the relevant services. 8.4 Where an importer receives goods before payment is made, the importer shall complete the Import Monitoring Form II in quadruplicate prior to clearing the goods. The importer shall then submit the forms to ZRA at the port of entry for verification of imported goods and endorsement of the Forms. After verification, ZRA shall retain two copies of Form II, one for Bank of Zambia and the other for ZRA. The importer shall retain two copies to be submitted to the FSP together with all ZRA clearance documents when remitting funds. FSP shall endorse the forms and keep one copy while importer shall retain one copy. 8.5 Where an exporter, importer or remitter fails to acquit any previous transactions, the financial service provider shall not process any future export/import/remittance transactions on behalf of that customer until all prior transactions have been fully acquitted. 9.0 Modes of payments for Imports and Exports 9.1 Receipts and payments for all export and import transactions in value of, or in excess of, five thousand United States Dollars (US$5,000.00) or the equivalent in any other foreign currency shall be by Electronic Fund Transfers (EFT).

10 9.2 Receipts for all exports on credit terms in value of, or in excess of, two hundred thousand United States Dollars (US$200,000.00) or the equivalent in any other foreign currency shall be by letters of credit. In this regard, financial service providers shall advise all intending exporters, importers and remitters of the appropriate mode of payments for the transactions based on the threshold Returns by Registered Commercial Banks to the Bank The Statutory Instrument places an obligation on the registered commercial banks to submit monthly returns to the Bank of all remittances relating to imports out of the importer s account and the export proceeds received into the exporters foreign currency denominated account. The returns shall be submitted in the attached format by the 6 th working day of the month for the information of the previous month Payments of dividends, royalties and management fees etc. Registered commercial banks shall continue to process international payments in relation to dividends, royalties, management fees and any other such payments to foreign based entities or individuals, provided that such payments are supported by appropriate documentation as follows: 11.1 Dividends The payment of dividends abroad must be accompanied by: a) Board Resolution of the declaration of the dividend; b) Valid Tax Clearance Certificate issued by ZRA in the name of the business paying the dividends c) Certificate and withholding tax certificate in respect of each transaction where applicable; d) Withholding tax exemption letter/certificate/dispensation issued under the Commissioner General; e) Payment details at a bank outside Zambia in the recipient s name; and

11 f) Audited accounts for the period under which the dividend are declared certified by an accountant certified by an accountant registered with the Zambia Institute of Chartered Accountants. In cases, where an entity wishes to make payments relating to interim dividends, a board resolution and management accounts will be sufficient to support the remittance in place of audited accounts. However, for purposes of acquitting the transaction, the remitter shall be required to submit audited accounts for the period to which the transaction relates, to the registered commercial bank Royalties and Management Fees. The payment of royalties or management abroad must be accompanied by: a) Valid Tax Clearance Certificate and withholding tax certificate in respect of each transaction; b) Agreements governing the payment of royalties or management fees. c) Payment details at a bank outside Zambia in the recipient s name d) Evidence of payment of applicable taxes where applicable; e) Audited accounts for the period under which the dividend are declared certified by an accountant certified by an accountant registered with the Zambia Institute of Chartered Accountants; f) Withholding tax exemption letter/certificate/dispensation issued under the Commissioner General; g) Valid invoice issued by recipient of the royalties or management fees Private External Borrowing/Lending Registration Form III a) Where a person domiciled in Zambia obtains a loan/other lines of credit from a non-resident lender or extends a loan/other lines of credit to a non-resident borrower, the debt shall be registered with the Bank using Form III through a financial service provider. The borrower/lender shall be held accountable for any false declaration of Form III. b) The Bank will assign a Unique Identification Number (UID) to each loan agreement and for every repayment the financial service provider shall be required to indicate the UID.

12 c) A financial service provider domiciled in Zambia which contracts or extends a loan/other lines of credit from or to a non-resident, shall be required to register the debt with the Bank; d) Where a borrower/lender fails to register a debt, the Bank shall not assign a unique identification number; e) Financial service providers shall not facilitate remittances for foreign debt payments unless that debt is registered with the Bank and a unique identification number has been issued; f) All foreign debts contracted before the effective date of the regulation are required to be registered within thirty days from the effective date of the regulation.; g) Where a financial service provider obtains a loan from an offshore counterparty or makes placements with an offshore counterparty, such obligations will have to be treated in the same manner as private external debt. h) In instances where a person (including entities) changes a financial service provider through whom the loan was registered, the relevant documentation relating to the debt shall be provided to the new financial service provider. The debt will maintain the same Unique Identification Number for purposes of continuity in monitoring of the loan at Bank Record of Loan Agreements For the purpose of debt registration with a financial service provider, a borrower/lender will be required to submit the following: a) Evidence of the receipt of the loan amount in a bank account hosted by a financial service provider and held in the name of the borrower or agreement in case of lending; b) In the case of a letter of credit, the borrower provides evidence of the application of the proceeds of the letter of credit in settlement of payment obligations for the contracted goods or services; c) Evidence of the importation and physical delivery into the Republic of the goods constituting the loan amount or partial payment, or in the case of services, the delivery of the services; and d) Where a private external debt/lending was contracted before the coming into effect of the regulation, the borrower/lender shall provide the information to facilitate the registration of the debt with the financial service provider.

13 14.0 Reporting Requirements by Financial Service Providers Financial service providers shall be required to submit at such frequencies as the Bank may prescribe, the following reports/returns: a) All remittances of foreign exchange into and out of the Republic to be submitted on the attached Money Remittance/Receipt Return; b) All withdrawals, by debit or credit card, of cash payment for goods and services in foreign currency every thirty days; c) Any transfers by a person within any thirty day period from a foreign currency account in Zambia to a foreign currency account held by that person abroad. d) Any private borrowing repayments or private lending receipts out of and into Zambia Applicability of Anti-Money Laundering Measures/Combating of Financing of Terrorism Financial service providers are the first in the line of defence in fighting financial crimes such as money laundering. As such, financial service providers are reminded of their obligations under the various laws in relation to money laundering. Financial service providers should not construe these guidelines as an exemption from any of the following laws; the Prohibition and Prevention of Money Laundering Act (2001), Financial Intelligence Centre Act (2010) and the Forfeiture of Proceeds of Crime Act (2010) Adherence to existing import and export procedures All exporters and importers are still expected to adhere to all the legal and regulatory requirements relating to the imports and exports of goods and services. Issued by the Bank of Zambia P.O. Box Lusaka Zambia Tel: or Website: Bank of Zambia Balance of Payments Monitoring Guide

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