Balance of Payments User Guide. Think Corporate Banking. Think RMB. BopCUS 3 l 1

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1 Balance of Payments User Guide Think Corporate Banking. Think RMB. BopCUS 3 l 1

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3 Index I BoPCUS 3 pg What is BoPCUS? Background 01 What is changing in BoPCUS 3 A. Updates to customer information 02 B. Changes to the BoP codes 03 C. Additional third party information required 04 BoPCUS Inflow Index 07 BoPCUS Outflow Index 27 Frequently asked questions 45 Balance of Payments Reporting (BoP Reporting for short) is an electronic message system used by Authorised Dealers (i.e. banks) to report cross-border transactions to the South African Reserve Bank (SARB). From 19 August 2013 there will be changes to the BoP reporting system. RMB employees assisting clients with cross-border transactions may be prompted to supply additional information or select new BoP codes to describe a client s transaction. This guide summarises the changes that will be implemented. BopCus Version 3

4 What is BoPCUS? Background 1. International trade and other international transactions result in a flow of funds between South Africa and other countries. 2. To control, monitor and limit this outflow and inflow of capital, Exchange controls (Excon) are implemented in South Africa and other countries. In SA, Excon is the responsibility of the Treasury, which has largely delegated this authority to the South African Reserve Bank (SARB). 3. The Balance of Payments (BoP) is a systematic record of all economic transactions between the residents of the reporting country (e.g. South Africa) and the rest of the world in a specific period (usually quarterly or yearly). The SARB is officially responsible for the compilation of South Africa's BoP statistics. 4. All transactions relating to the flow of goods, services and funds across national boundaries are recorded in the BoP of South Africa and the countries involved in the transaction or trade. This determines how much money is going in and out of a country. 5. Flows reflected in the BoP affect the total economy s activities associated with production, generation and distribution of income, consumption, and accumulation activities e.g. credit and debit entries for goods and services in BoP accounts are equivalent to flows of exports and imports of goods and services. 6. These flows are reflected in the economy s account for goods and services and consequently affect the measurement of gross domestic product (GDP) and its composition in terms of final demand components e.g. final consumption, gross capital formation, etc. 7. Data for these transactions are obtained from various sources, including the South African Revenue Service (SARS), government departments, public corporations, and the private banking sector. From the Rulings The objective of the Reporting System is to ensure accurate and comprehensive reporting of all data by Authorised Dealers on crossborder transactions for compilation of: Balance of payments statistics by the Research Department of the South African Reserve Bank Foreign debt statistics and repayment profiles to support monetary policy decisions Statistical information relating to the nature, volume and values of the various crossborder flows and provide the appropriate information for economic and financial management decisions, as well as planning and policy formulation. Excerpt from SA Reserve Bank Rulings, Ruling J What is changing in BoPCUS 3? During the first phase of BoPCUS 3, the following changes will be implemented: A. Updates to customer information B. B Changes to the BoP codes C Third party information required* *SA resident information will be required based on the relevant BoP code 01 l BopCUS 3

5 A Updates to clients information Clients must provide additional information to the bank from 19 August Additional personal information fields are mandatory for the completion of foreign exchange transactions. From Entities: Trading name, if applicable Institutional sector (The main institutional sector of each entity: Financial Corporate / Non-financial Corporate / general Government / Household such as partnerships, trusts and one man businesses) Industrial classification (The main production activity of each entity: Agriculture, Mining, Transport, Construction, etc.) Loan tenor and interest rate (in the case of repayment of foreign loans) Transport document number (in the case of the importation of goods) Sub BoP category* Third party details* Additional import related data** From Individuals: Gender Date of birth Foreign ID number * Tax clearance certificate reference (in the case of individual foreign investment allowances) Loan tenor and interest rate (in the case of foreign loans) Transport document number (in the case of the importation of goods) Sub BoP category* Third party details* For example: A customer visits a branch to make an outward payment to pay for imported goods. While completing the transaction, the system will require additional information for the transaction to complete successfully. A customer wants to complete a MoneyGram transaction on a cellphone. The customer will receive an error message directing them to a branch to update their personal profile with the additional details like the province in which they reside. Thereafter the transaction can be completed. The impact Relevant to all transactions. Without the additional information, transaction will not be successful. When completing transactions on systems like Karabo or Vantage, the system will prompt users to supply additional mandatory information. Customers may have to be redirected to a branch customer representative to update their personal / entity profile on Hogan. *Where applicable **The SARB Import Verification System (IVS) is used by the bank to authenticate customs notification by the importer BopCUS 3 l 02

6 B Changes to the BoP codes The codes that are used to report the nature of foreign exchange transactions will change. The BoP Code informs the SARB of the type of payment the client is making or receiving. The client is fully accountable for supplying the correct and accurate BoP Category or transaction description. Categories are completely different Sub-categories are applicable in some instances For example: Current category for gift payments is: 501 As from 19 August 2013, the BoP Category for gifts will be: BOP 3 For example: Current category for freight payments is: 301 As from 19 August 2013, the BoP Categories for freight will be as follows: Payment for passenger services- road 270/01 Payment for passenger services- rail 270/02 Payment for passenger services- sea 270/03 Payment for passenger services- air 270/04 Payment for freight services- road 271/01 Payment for freight services- rail 271/02 Payment for freight services- sea 271/03 Payment for freight services- air 271/04 The impact Relevant to all transactions When completing a transaction, the system will provide a list of the new BoP codes. Select the new code from the list that corresponds to the reason for the transaction. Using the old, familiar codes will result in incorrect reporting to the SARB. 03 l BopCUS 3

7 C Additional information required when doing a transaction on behalf of another party (third party) When doing a foreign exchange transaction on behalf of a third party, a customer is required to provide information about the third party. Third party transactions are transactions made by an RMB account holder, on behalf of another person or entity, who is not the holder of the transacting account. For example: Where the father is paying for the travel on behalf of a family, the details of the wife and children must be provided as third party details. Where an agent is making an import or export payment on behalf of various South African entities, details of the entities must be provided. Where the financial institution is making payment in respect of foreign investments of various SA parties, the details of the SA parties must be supplied. The impact Relevant only to certain transactions. When customers do transactions on behalf of other parties, select the option on the system and complete the additional information required as prompted by the system. Third party information is mandatory for certain BoP codes, but can be captured for other codes. BopCUS 3 l 04

8 Index I Inflow pg A Merchandise Transaction adjustments 07 Exports: Advance payments 07 Exports 07 Exports: Other 08 B Intellectual property and other services Transaction adjustments 10 Charges for the use of intellectual property 10 Disposal of intellectual property (Excluding computer related and audiovisual) Research and Development 10 Audiovisual and related items 10 Computer software and related items 11 Technical related services 11 Travel services for non-residents 12 Travel services for residents 12 Travel services in respect of third parties 12 Telecommunication and information services 12 Financial services 13 Construction services 13 Government services 13 Study related services 13 Other business services rendered C Transactions relating to income and yields on financial assets Transaction adjustments 14 Income receipts 14 D Transfers of a current nature Transaction adjustments 16 Current payments l BopCus 3

9 E Transfers of a capital nature Capital transfers and immigrants Transaction adjustments 18 Capital transfers relating to government / corporate entities (excluding loans) Capital transfers by non-resident individuals 18 Disinvestment of capital Capital transfers by South African resident individuals Disinvestment of capital to a resident Foreign Currency Account 20 Disinvestment of capital 20 Immigrants 20 Financial investments / disinvestments and prudential investments Transaction adjustments 20 Financial investments / disinvestments (excluding local institutional investors) Investment by a non-resident 20 Disinvestment by a resident corporate entity 20 Inward listed investments 21 Prudential investments (institutional investors and banks) Derivatives Transaction adjustments 22 Derivatives (excluding inward listed) 22 F Loan and miscellaneous payments Transaction adjustments 24 Loans (capital portion) 24 Loans granted to residents 24 Loans repaid by resident temporarily abroad 24 Loans repaid by non-residents 24 Miscellaneous payments 24 BopCus 3 l 06

10 Inflow A. Merchandise Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds applicable to merchandise / 950 Exports: Advance payments Export advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office) Export advance payment - capital goods Export advance payment - gold Export advance payment - platinum Export advance payment - crude oil Export advance payment - refined petroleum products Export advance payment - diamonds Export advance payment - steel Export advance payment - coal Export advance payment - iron ore Export advance payment - goods exported via the South African Post Office Exports Export payments (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office) / 103 Export payment - capital goods / 103 Export payment - gold Export payment - platinum / 103 Export payment - crude oil / 103 Export payment - refined petroleum products / 103 Export payment - diamonds Export payment - steel / 103 Export payment - coal / 103 Export payment - iron ore / l BopCUS 3

11 Description BoPCUS 3 Sub-Cat BoPCUS 2 Export payment - goods exported via the South African Post Office Exports: Other Consumables acquired in port Trade finance repayments in respect of exports Export proceeds where the Customs value of the shipment is less than R500 Export payments where goods were declared as part of passenger baggage and no UCR is available / 103 / 112 Proceeds for goods purchased by non-residents where no physical export will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions Proceeds for gold purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for platinum purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for crude oil purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for refined petroleum purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for diamonds purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for steel purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for coal purchased by non-residents where no physical export will take place, excluding merchanting transactions Proceeds for iron ore purchased by non-residents where no physical export will take place, excluding merchanting transactions Merchanting transaction BopCUS 3 l 08

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13 B. Intellectual property and other services Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds applicable to intellectual property and service related items / 950 Charges for the use of intellectual property Rights assigned for licenses to reproduce and/or distribute / 313 / 605 Rights assigned for using patents and inventions (licensing) / 605 Rights assigned for using patterns and designs (including industrial processes) Rights assigned for using copyrights / 313 / 605 Rights assigned for using franchises and trademarks Disposal of intellectual property (excluding computer related and audiovisual) Disposal of patents and inventions / 605 Disposal of patterns and designs (including industrial processes) / 605 Disposal of copyrights / 313 / 605 Disposal of franchises and trademarks / 605 Research and development Proceeds received for research and development services Funding received for research and development Audiovisual and related items Sales of original manuscripts, sound recordings and films Receipt of funds relating to the production of motion pictures, radio and television programs and musical recordings BopCUS 3 l 10

14 Description BoPCUS 3 Sub-Cat BoPCUS 2 Computer software and related items The outright selling of ownership rights of software / Computer-related services including maintenance, repair and consultancy Commercial sales of customised software and related licences for use by customers Commercial sales of non-customised software on physical media with periodic licence to use Commercial sales of non-customised software provided on physical media with right to perpetual (ongoing) use / 312 / / 102 / 103 / 112 / 113 / / 102 / 103 / 112 / 113 / / 102 / 103 / 112 / 113 / 312 Commercial sales of non-customised software provided for / 312 downloading or electronically made available with periodic licence Commercial sales of non-customised software provided for / 312 downloading or electronically made available with single payment Technical related services Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore) / 321 Fees for processing - processing done on gold Fees for processing - processing done on platinum Fees for processing - processing done on crude oil Fees for processing - processing done on refined petroleum products Fees for processing - processing done on diamonds Fees for processing - processing done on steel Fees for processing - processing done on coal Fees for processing - processing done on iron ore Repairs and maintenance on machinery and equipment Architectural, engineering and other technical services Agricultural, mining, waste treatment and depollution services l BopCUS 3

15 Description BoPCUS 3 Sub-Cat BoPCUS 2 Travel services for non-residents Travel services for non-residents - business travel Travel services for non-residents - holiday travel Foreign exchange accepted by residents from non-residents Travel services for residents Travel services for residents - business travel Travel services for residents - holiday travel Travel services in respect of third parties Proceeds for travel services in respect of third parties - business travel Proceeds for travel services in respect of third parties - holiday travel Telecommunication and information services Proceeds for telecommunication services Proceeds for information services including data, news-related and news agency fees / 314 Transportation services Proceeds for passenger services - road Proceeds for passenger services - rail Proceeds for passenger services - sea Proceeds for passenger services - air Proceeds for freight services - road Proceeds for freight services - rail Proceeds for freight services - sea Proceeds for freight services - air Proceeds for other transport services - road / 308 Proceeds for other transport services - rail / 308 Proceeds for other transport services - sea / 308 Proceeds for other transport services - air / 308 Proceeds for postal and courier services - road Proceeds for postal and courier services - rail BopCUS 3 l 12

16 Description BoPCUS 3 Sub-Cat BoPCUS 2 Proceeds for postal and courier services - sea Proceeds for postal and courier services - air Financial services provided Commission and fees Proceeds for financial services charged and advice provided Construction services Proceeds for construction services Government services Proceeds for government services / 901 Diplomatic transfers Study related services Tuition fees Other business services rendered Proceeds for legal services Proceeds for accounting services Proceeds for management consulting services Proceeds for public relation services Proceeds for advertising and market research services Proceeds for managerial services Proceeds for medical and dental services Proceeds for educational services Operational leasing Proceeds for cultural and recreational services Proceeds for other business services not included elsewhere l BopCUS 3

17 C. Transactions relating to income and yields on financial assets Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds related to income and yields on financial assets / 950 Income receipts Dividends Branch profits Compensation paid by a non-resident to a resident employee temporarily abroad (excluding remittances) Compensation paid by a non-resident to a non-resident employee in South Africa (excluding remittances) Compensation paid by a non-resident to a migrant worker employee (excluding remittances) Compensation paid by a non-resident to a foreign national contract worker employee (excluding remittances) Commission or brokerage Rental Interest received from a resident temporarily abroad in respect of loans Interest received from a non-resident in respect of individual loans Interest received from a non-resident in respect of study loans Interest received from a non-resident in respect of shareholders loans Interest received from a non-resident in respect of third party loans Interest received from a non-resident in respect of trade finance loans Interest received from a non-resident in respect of a bond Interest received not in respect of loans Income in respect of inward listed securities equity individual Income in respect of inward listed securities equity corporate Income in respect of inward listed securities equity bank BopCUS 3 l 14

18 Description BoPCUS 3 Sub-Cat BoPCUS 2 Income in respect of inward listed securities equity institution Income in respect of inward listed securities debt individual Income in respect of inward listed securities debt corporate Income in respect of inward listed securities debt bank Income in respect of inward listed securities debt institution Income in respect of inward listed securities derivatives individual Income in respect of inward listed securities derivatives corporate Income in respect of inward listed securities derivatives bank Income in respect of inward listed securities derivatives institution Income earned abroad by a resident on an individual investment l BopCUS 3

19 D. Transfers of a current nature Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds related to transfers of a current nature / 950 Current payments Gifts Annual contributions Contributions in respect of social security schemes Contributions in respect of charitable, religious and cultural (excluding research and development) Other donations / aid to Government (excluding research and development) Other donations / aid to private sector (excluding research and development) Pensions Annuities (pension-related) Inheritances Alimony Tax - Income Tax Tax - VAT Refunds Tax - Other / 604 Insurance premiums (non life / short term) Insurance claims (non life / short term) Insurance premiums (life) Insurance claims (life) Migrant worker remittances (excluding compensation) Foreign national contract worker remittances (excluding compensation) BopCUS 3 l 16

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21 E. Transfers of a capital nature Description BoPCUS 3 Sub-Cat BoPCUS 2 Capital transfers and immigrants Transaction adjustments Adjustments / Reversals / Refunds related to capital transfers and immigrants / 950 Capital transfers relating to government / corporate entities (excluding loans) Donations to SA Government for fixed assets Donations to corporate entities - fixed assets Investment into property by a non-resident corporate entity Disinvestment of property by a resident corporate entity Capital transfers by non-resident individuals Investment into property by a non-resident individual Investment by a non-resident individual - other Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future) Disinvestment of capital by a resident individual - Shares Disinvestment of capital by a resident individual - Bonds Disinvestment of capital by a resident individual - Money market instruments Disinvestment of capital by a resident individual - Deposits with a foreign bank Disinvestment of capital by a resident individual - Mutual funds / collective investment schemes Disinvestment of capital by a resident individual - Property Disinvestment of capital by a resident individual - Other BopCUS 3 l 18

22 Description BoPCUS 3 Sub-Cat BoPCUS 2 Disinvestment of capital to a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 above are preferred to the use of categories 514/01 to 514/07, which will be discontinued in future) Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Shares Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Bonds Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Money Market Instruments Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Withdrawal from a foreign bank account Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Property Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Other Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of use categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future) Disinvestment of capital repatriated in respect of an individual investment - Shares Disinvestment of capital repatriated in respect of an individual investment - Bonds Disinvestment of capital repatriated in respect of an individual investment - Money market Instruments Disinvestment of capital repatriated in respect of an individual investment - Deposits with a foreign bank l BopCUS 3

23 Description BoPCUS 3 Sub-Cat BoPCUS 2 Disinvestment of capital repatriated in respect of an individual investment - Mutual funds / collective investment schemes Disinvestment of capital repatriated in respect of an individual investment - Property Disinvestment of capital repatriated in respect of an individual investment - Other Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual in respect of cross-border flows Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual originating from an account conducted in foreign currency held at an Authorised Dealer in South Africa Immigrants Immigration Transaction adjustments Adjustments / Reversals / Refunds related to financial investments / Disinvestments and Prudential investments / 950 Financial investments / disinvestments (excluding local institutional investors) Investment by a non-resident Investment in listed shares by a non-resident Investment in non-listed shares by a non-resident Investment into money market instruments by a non-resident Investment into listed bonds by a non-resident (excluding loans) Investment into non-listed bonds by a non-resident (excluding loans) Disinvestment by a resident corporate entity Disinvestment of shares by a resident - Agricultural, hunting, forestry and fishing Disinvestment of shares by a resident - Mining, quarrying and exploration Disinvestment of shares by a resident - Manufacturing BopCUS 3 l 20

24 Description BoPCUS 3 Sub-Cat BoPCUS 2 Disinvestment of shares by a resident - Electricity, gas and water supply Disinvestment of shares by a resident - Construction Disinvestment of shares by a resident - Wholesale, retail, repairs, hotel and restaurants Disinvestment of shares by a resident - Transport and communication Disinvestment of shares by a resident - Financial services Disinvestment of shares by a resident - Community, social and personal services Inward listed investments Inward listed securities equity individual buy back Inward listed securities equity corporate buy back Inward listed securities equity bank buy back Inward listed securities equity institution buy back Inward listed securities debt individual redemption Inward listed securities debt corporate redemption Inward listed securities debt bank redemption Inward listed securities debt institution redemption Inward listed securities derivatives individual proceeds Inward listed securities derivatives corporate proceeds Inward listed securities derivatives bank proceeds Inward listed securities derivatives institution proceeds Prudential investments (Institutional Investors and Banks) Disinvestment by resident institutional investor - Asset Manager Disinvestment by resident institutional investor - Collective Investment Scheme Disinvestment by resident institutional investor - Retirement Fund l BopCUS 3

25 Description BoPCUS 3 Sub-Cat BoPCUS 2 Disinvestment by resident institutional investor - Life Linked Disinvestment by resident institutional investor - Life Non-Linked Bank prudential disinvestment Not allocated 617 Not allocated 618 Derivatives Transaction adjustments Adjustments / Reversals / Refunds related to derivatives / 950 Derivatives (excluding inward listed) Options - listed Options - unlisted Futures - listed Futures - unlisted Warrants - listed Warrants - unlisted Gold hedging - listed Gold hedging - unlisted Derivative not specified above - listed / 804 / 805 / 806 / 901 Derivative not specified above - unlisted / 804 / 805 / 806 / 901 BopCUS 3 l 22

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27 F. Loan and miscellaneous payments Description BoPCUS 3 Sub-Cat BoPCUS 2 Loans (Capital portion) Loans granted to residents Trade finance loan drawn down in South Africa International Bond drawn down Loan made to a resident by a non-resident shareholder Loan made to a resident by a non-resident third party Loans repaid by residents temporarily abroad Repayment by a resident temporarily abroad of a loan granted by a resident / 901 / 998 Loans repaid by non-residents Repayment of individual loan to a resident Repayment of a study loan to a resident / 998 Repayment of a shareholders loan to a resident Repayment of a third party loan to a resident (excluding shareholders) Repayment of a trade finance loan to a resident Miscellaneous payments Details of payments not classified Rand drafts/cheques drawn on vostro accounts (Only applicable if no description is available) Credit/Debit card company settlement as well as money remitter settlements BopCUS 3 l 24

28 Index I Outflow pg A Merchandise Transaction adjustments 27 Imports: Advance payments not in terms of import undertaking 27 Imports: Advance payments in terms of import undertaking 27 Imports: Excluding advance payments and not in terms of import undertaking 28 Imports: Excluding advance payments but in terms of import undertaking 28 Imports: Other 29 B Intellectual property and other services Transaction adjustments 30 Charges for the use of intellectual property 30 Acquisition of intellectual property (excluding computer related and audiovisual) Research and development 30 Audiovisual and related items 30 Computer software and related items 31 Technical related services 31 Travel services for non-residents 31 Travel services for residents 31 Travel services in respect of third parties 32 Telecommunication and information services 32 Transportation services 32 Financial services obtained 32 Construction service 32 Government services 33 Study related services 33 Other business services C Transactions relating to income and yields on financial assets Transaction adjustments 34 Income payments l BopCus 3

29 D Transfers of a current nature Transaction adjustments 36 Current payments 36 E Transfers of a capital nature Capital transfers and immigrants Transaction adjustments 38 Capital transfers relating to government / corporate entities (excluding loans) Capital transfers by non-resident individuals Capital transfers by South African resident individuals Investment not related to the investment allowance 38 Investment in terms of investment allowance 39 Investment from a resident Foreign Currency Account 40 Re-transfer of capital repatriated 40 Immigrants 40 Financial investments / disinvestments and prudential investments Transaction adjustments 41 Disinvestment by a non-resident 41 Investment by a resident corporate entity 41 Inward listed investments 42 Prudential investments (Institutional Investors and Banks) 42 Derivatives Transaction adjustments 43 Derivatives (excluding inward listed) 43 F Loan and miscellaneous payments Transaction adjustments 44 Loans (capital portion) 44 Loan repayments by residents 44 Loans granted to residents temporarily abroad 44 Loans granted to non-residents 44 Miscellaneous payments 44 BopCus 3 l 26

30 Outflow. A. Merchandise Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds applicable to merchandise / 950 Imports: Advance payments (not in terms of import undertaking) Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office) Import advance payment - capital goods Import advance payment - gold Import advance payment - platinum Import advance payment - crude oil Import advance payment - refined petroleum products Import advance payment - diamonds Import advance payment - steel Import advance payment - coal Import advance payment - iron ore Import advance payment - goods imported via the South African Post Office Imports: Advance payments (in terms of import undertaking) Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office) Import advance payment - capital goods Import advance payment - gold Import advance payment - platinum Import advance payment - crude oil Import advance payment - refined petroleum products Import advance payment - diamonds Import advance payment - steel Import advance payment - coal l BopCUS 3

31 Description BoPCUS 3 Sub- Cat BoPCUS 2 Import advance payment - iron ore Import advance payment - goods imported via the South African Post Office Imports: Excluding advance payments and not in terms of import undertaking Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office) / 103 Import payment - capital goods / 103 Import payment - gold Import payment - platinum / 103 Import payment - crude oil / 103 Import payment - refined petroleum products / 103 Import payment - diamonds Import payment - steel / 103 Import payment - coal / 103 Import payment - iron ore / 103 Import payment - goods imported via the South African Post Office Imports: Excluding advance payments but in terms of import undertaking Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office) / 110 Import payment - capital goods / 110 Import payment - gold Import payment - platinum / 110 Import payment - crude oil / 110 Import payment - refined petroleum products / 110 Import payment - diamonds Import payment - steel / 110 Import payment - coal / 110 Import payment - iron ore / 110 Import payment - goods imported via the South African Post Office / 110 BopCUS 3 l 28

32 Description BoPCUS 3 Sub- Cat BoPCUS 2 Imports: Other Consumables acquired in port Repayment of trade finance for imports Import payments where the customs value of the shipment is less than R500 Import payments where goods were declared as part of passenger baggage and no MRN is available Payments for goods purchased from non-residents in cases where no physical import will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions Payments for gold purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for platinum purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for crude oil purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for refined petroleum products purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for diamonds purchases from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for steel purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for coal purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions Payments for iron ore purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions / 103 / Merchanting Transaction l BopCUS 3

33 B. Intellectual property and other services Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds applicable to intellectual property and service related items / 950 Charges for the use of intellectual property Rights obtained for licences to reproduce and/or distribute / 313 / 605 Rights obtained for using patents and inventions (licencing) / 605 Rights obtained for using patterns and designs (including industrial processes) Rights obtained for using copyrights / 313 / 605 Rights obtained for using franchises and trademarks Acquisition of intellectual property (excluding computer related and audiovisual) Acquisition of patents and inventions / 605 Acquisition of patterns and designs (including industrial processes) / 605 Acquisition of copyrights / 313 / 605 Acquisition of franchises and trademarks / 605 Research and development Payments for research and development services Funding for research and development Audiovisual and related items Acquisition of original manuscripts, sound recordings and films Payment relating to the production of motion pictures, radio and television programs and musical recordings BopCUS 3 l 30

34 Description BoPCUS 3 Sub-Cat BoPCUS 3 Computer software and related items The outright purchasing of ownership rights of software / 112 / 312 / 605 Computer-related services including maintenance, repair and consultancy Commercial purchases of customised software and related licences to use Commercial purchases of non-customised software provided on physical media with right to perpetual (ongoing) use Commercial purchases of non-customised software downloaded or electronically acquired with periodic licence Commercial purchases of non-customised software downloaded or electronically acquired with single payment / 312 / / 102 / 103 / 112 / 113 / / 102 / 103 / 112 / 113 / / / 312 Technical related services Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore) / 321 Fees for processing - processing done on gold Fees for processing - processing done on platinum Fees for processing - processing done on crude oil Fees for processing - processing done on refined petroleum products Fees for processing - processing done on diamonds Fees for processing - processing done on steel Fees for processing - processing done on coal Fees for processing - processing done on iron ore Repairs and maintenance on machinery and equipment Architectural, engineering and other technical services Agricultural, mining, waste treatment and depollution services Travel services for non-residents Travel services for non-residents - business travel Travel services for non-residents - holiday travel Travel services for residents Travel services for residents - business travel Travel services for residents - holiday travel l BopCUS 3

35 Description BoPCUS 3 Sub-Cat BoPCUS 3 Travel services in respect of third parties Payment for travel services in respect of third parties - business travel Payment for travel services in respect of third parties - holiday travel Telecommunication and information services Payment for telecommunication-services Payment for information services including data, news related and news agency fees / 314 Transportation services Payment for passenger services - road Payment for passenger services - rail Payment for passenger services - sea Payment for passenger services - air Payment for freight services - road Payment for freight services - rail Payment for freight services - sea Payment for freight services - air Payment for other transport services - road / 308 Payment for other transport services - rail / 308 Payment for other transport services - sea / 308 Payment for other transport services - air / 308 Payment for postal and courier services - road Payment for postal and courier services - rail Payment for postal and courier services - sea Payment for postal and courier services - air Financial services obtained Commission and fees Financial service fees charged for advice provided Construction services Payment for construction services BopCUS 3 l 32

36 Description BoPCUS 3 Sub-Cat BoPCUS 2 Government services Payment for government services / 901 Diplomatic transfers Study related services Tuition fees Other business services obtained Payment for legal services Payment for accounting services Payment for management consulting services Payment for public relation services Payment for advertising and market research services Payment for managerial services Payment for medical and dental services Payment for educational services Operational leasing Payment for cultural and recreational services Payment for other business services not included elsewhere l BopCUS 3

37 C. Transactions relating to income and yields on financial assets Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds related to income and yields on financial assets / 950 Income payments Dividends Branch profits Compensation paid by a resident to a resident employee temporarily abroad (excluding remittances) Compensation paid by a resident to a non-resident employee (excluding remittances) Compensation paid by a resident to a migrant worker employee (excluding remittances) Compensation paid by a resident to a foreign national contract worker employee (excluding remittances) Commission or brokerage Rental Interest paid to a non-resident in respect of shareholders loans Interest paid to a non-resident in respect of third party loans Interest paid to a non-resident in respect of trade finance loans Interest paid to a non-resident in respect of a bond Interest paid not in respect of loans Fee in respect of inward listed securities derivatives individual Fee in respect of inward listed securities derivatives corporate Fee in respect of inward listed securities derivatives bank Fee in respect of inward listed securities derivatives institution BopCUS 3 l 34

38 35 l BopCUS 3

39 D. Transfers of a current nature Description BoPCUS 3 Sub-Cat BoPCUS 2 Transaction adjustments Adjustments / Reversals / Refunds related to transfers of a current nature / 950 Current payments Gifts Annual contributions Contributions in respect of social security schemes Contributions in respect of foreign charitable, religious and cultural (excluding research and development) Other donations / aid to a foreign Government (excluding research and development) Other donations / aid to a foreign private sector (excluding research and development) Pensions Annuities (pension related) Inheritances Alimony Tax - Income Tax Tax - VAT Refunds Tax - Other / 604 Insurance premiums (non life / short term) Insurance claims (non life / short term) Insurance premiums (life) Insurance claims (life) Migrant worker remittances (excluding compensation) Foreign national contract worker remittances (excluding compensation) BopCUS 3 l 36

40 37 l BopCUS 3

41 E. Transfers of a capital nature Description BoPCUS 3 Sub-Cat BoPCUS 2 Capital transfers and emigrants Transaction adjustments Adjustments / Reversals / Refunds related to capital transfers and emigrants / 950 Capital transfers relating to government / corporate entities (excluding loans) Donations by SA Government fixed assets Donations by corporate entities fixed assets Disinvestment of property by a non-resident corporate entity Investment into property by a resident corporate entity Capital transfers by non-resident individuals Disinvestment of property by a non-resident individual Disinvestment by a non-resident individual - other Capital transfers by South African resident individuals Investment not related to the investment allowance (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future) Investment by a resident individual not related to the investment allowance - Shares Investment by a resident individual not related to the investment allowance - Bonds Investment by a resident individual not related to the investment allowance - Money market instruments Investment by a resident individual not related to the investment allowance - Deposits with a foreign bank Investment by a resident individual not related to the investment allowance - Mutual funds / collective investment schemes Investment by a resident individual not related to the investment allowance - Property Investment by a resident individual not related to the investment allowance - Other BopCUS 3 l 38

42 Description BoPCUS 3 Sub-Cat BoPCUS 2 Investment in terms of investment allowance Foreign investment by a resident individual in respect of the investment allowance - Shares Foreign investment by a resident individual in respect of the investment allowance - Bonds Foreign investment by a resident individual in respect of the investment allowance - Money market instruments Foreign investment by a resident individual in respect of the investment allowance - Deposits with a foreign bank Foreign investment by a resident individual in respect of the investment allowance - Mutual funds / collective investment schemes Foreign investment by a resident individual in respect of the investment allowance - Property Foreign investment by a resident individual in respect of the investment allowance - Other Investment by a resident individual originating from a local source into an account conducted in foreign currency held at an Authorised Dealer in South Africa Investment from a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future) Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Shares Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Bonds Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Money market instruments Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Deposit into a foreign bank account Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Property l BopCUS 3