The introduction of AIT brought about key changes to the Tax Compliance Status (TCS) process. These include:
These updates significantly impact the process of financial emigration and cross border fund transfers from South Africa.
Here’s a high level overview of the AIT application process used by tax professionals:
What is the enhanced AIT process?
The new Approval for International Transfer (AIT) process replaces the old “Emigration” and “Foreign Investment Allowance” TCS pins. It is now required for all large fund transfers out of South Africa, simplifying and tightening SARS’ control over cross border financial flows.
Who needs to apply for an AIT?
Both South African tax residents transferring more than R1 million per calendar year, and non-residents moving funds from South African sources, must apply for an AIT TCS Pin.
How much money can a South African tax resident transfer without an AIT?
South African tax residents can transfer up to R1 million annually using their Single Discretionary Allowance (SDA) without an AIT. Transfers exceeding this limit require AIT approval.
When does the AIT apply?
If you are a tax resident and transferring more than R1 million offshore annually. If you are a former resident, an AIT is required for any amount, regardless of size.
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Financial Emigration2023-03-02 08:16:542023-07-03 13:19:58A Global Consensus – Prior Due Diligence Recommended for AIT Requests
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Financial Emigration2023-03-02 06:34:552023-07-03 13:23:31Time To Count Your Chickens: SARS Has Changed The Tax Compliance Status Process
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