New tax rules have left high-net-worth-individuals and their advisors scratching their heads.
South Africans looking to move their money out of the country are struggling to comply with the South African Revenue Service and the South African Reserve Bank’s rules on international transfers.
Tax Consulting SA, a partner of Henley, said that this trend differed greatly from prior years, as SARS introduced a new system for South Africans looking to take money offshore, called the Approval for International Transfer . The AIT Pin is now required not only for taxpayers who are non-resident in South Africa but also for residents wishing to approve fund movements out of South Africa in excess of the R1 million Single Discretionary Allowance .
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