The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for […]
On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals.