Approval For International Transfer  - Professional Partner Network

Approval For International Transfer

Are your clients aware that the “Emigration” TCS pin and the “Foreign Investment Allowance” TCS Pin to have been consolidated to create the new “Approval for International Transfer” (AIT) TCS Pin, and do they understand how this works?

SARS’ new Tax Compliance Status process and AIT PIN have made facilitating financial emigration much more challenging. As the AIT 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. If your client is a tax resident seeking to transfer more than R1 million out of the country in a calendar year, they will need an AIT pin. Similarly, if your client has ceased their tax residency, they will require an AIT pin for every amount they intend to transfer out of South Africa in a calendar year.

Partners within PPN have specialised in understanding the complexities of the new AIT process and can assist in making the entire process of transferring funds out of the country easier.

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