The introduction of AIT saw several changes to the Tax Compliance Status (TCS) process, including:
The new AIT process and the changes SARS has implemented all follow SARS’ strategic intent:
These three pillars all indicate that SARS is following the money…
What is the enhanced AIT process?
Previously, when one sought to either financially emigrate or transfer large sums out of the country, they would either have to complete the “Emigration” TCS Pin or “Foreign Investment Allowance” (“FIA”) TCS Pin, respectively. The new AIT Process consolidates these two and is now the go-to requirement when it comes to the approval of moving funds out of South Africa.
Who needs to apply for an AIT?
The AIT process applies to both South African tax residents who transfer more than R1 million out of South Africa in a calendar year, as well as to taxpayers who have ceased their tax residency in South Africa but need to move funds abroad, from a South African source.
How much money can a South African tax resident transfer without an AIT
SARS allows South African tax residents to transfer an amount of R1 million offshore, per calendar year. This amount is known as a single discretionary allowance (SDA) and is available only to individuals who are South African tax residents.
When does the AIT apply?
If you are a tax resident, you will require an AIT pin when you seek to transfer more than R1 million out of the country, per calendar year. If you have ceased your tax residency, you will need an AIT pin for every cent you seek to transfer out of South Africa, per calendar year.
Om Geld Landuit Te Vat, Raak Ál Moeiliker
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