Today, SARS announced enhancements to the Tax Compliance Status process with immediate effect. This includes an important change to the Emigration process, whereby SARS has introduced a new dynamic application called the “Approved International Transfer”. This will replace the existing “Emigration” and “Foreign Investment Allowance (FIA)” application types.
With the Covid-19 pandemic now largely in the rearview, the South African Revenue Service (“SARS”) has been strategically ramping up its tax collection and compliance drives. In the wake of the 2023 budget speech, SARS announced unprecedented revenue collection figures, being a direct result of its increased focus on making non-compliance costly, and voluntary compliance easy. Finance Minister Enoch Godongwana affirmed the media statements by Commissioner Kieswetter, in early February, echoing .
Treasury’s attempt to consolidate the position on retirement benefits is commendable, but the two-pot system adds immense complexity to the tax treatment of policy withdrawals, say Khutso Makgoka and Megan Tucker.
South Africa’s financial emigration system changed just over a year ago. As of 1 March 2021, the South African Reserve Bank removed itself from the process in a move welcomed by the banks. South Africa’s financial emigration system changed just over a year ago. As of 1 March 2021, the South.