Introduces new regulations on moving assets overseas
02 Jun 2023
In June 2023, the South African Revenue Service (SARS) introduced new controls on the procedures used by resident individuals to transfer their funds overseas.
Under the previous system, any individual could use their foreign investment allowance to transfer up to a total of ZAR10 million ($520,000) a year abroad through an authorised dealer. The newly amended tax compliance status procedure now requires individuals to complete an approval international transfer (AIT) application to export capital funds abroad above their annual discretionary allowance of ZAR1 million per year. Such applications are accompanied by a significant increase in disclosures and supporting documentation.
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Treatment and operation (Capital transfer and FOREX)
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