SARS’ new Tax Compliance Status process and AIT Pin have made facilitating financial emigration significantly more challenging.
As the AIT TCS Pin is now the go-to requirement for obtaining approval to transfer funds out of South Africa, it’s imperative that tax practitioners understand how to navigate the process within eFiling, and the key differentiations in applying this new process to tax residents and non-residents.
If your client is a tax resident seeking to transfer more than R1 million out of the country in a calendar year (Single-Discretionary Allowance), they will need an AIT TCS Pin. Alternatively, if your client has ceased their tax residency, they will require an AIT TCS Pin for every amount they intend to transfer out of South Africa.
Partners within PPN have specialized in understanding the complexities of the new AIT TCS Pin process and can assist in making the entire process of transferring funds out of the country easier.
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