SARS cracking down on moving money abroad – what you need to know

Tax Consulting SA said that those who seek to transfer funds abroad must confirm their residency status.

To obtain SARS AIT approval, the sender must provide detailed information about the transaction, including the purpose of the remittance, the identity of the recipient, and the source of the funds to be transferred. “It is crucial not to erroneously apply as a tax resident if a prior declaration of non-residency has been made to SARS,” Tax Consulting SA said.The SARS AIT impact on businesses is not just limited to the banking sector. Various business sectors, including property, financial services, banking and legal services, are impacted by AIT approval rules.

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