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The South African Revenue Service (“Sars”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad. The AIT process applies to both South African tax residents exercising their Foreign Investment Allowance for above R1-million transfers, as well as for financial emigration, which is now one combined Sars process. This was described by Sars in their 24 April 2023 Media Release as to “facilitate the consolidation … into a single application”.
Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step walkthrough of the new process. SARS’ changes to the TCS process
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