{"id":682697,"date":"2023-04-24T16:32:08","date_gmt":"2023-04-24T14:32:08","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=682697"},"modified":"2023-04-24T16:32:08","modified_gmt":"2023-04-24T14:32:08","slug":"sars-has-made-changes-to-its-emigration-processes","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/682697\/sars-has-made-changes-to-its-emigration-processes\/","title":{"rendered":"SARS has made changes to its emigration processes"},"content":{"rendered":"<p>The South African Revenue Service (SARS) has announced changes to its Tax Compliance Status process with immediate effect.<\/p>\n<p>Tax Consulting SA said that the new changes include important ones related to emigration, where SARS has introduced an application called &#8220;Approved International Transfer (AIT)&#8221;, which will replace the existing &#8220;Emigration&#8221; and &#8220;Foreign Investment Allowance (FIA)&#8221; application types.<\/p>\n<p>&#8220;The changes have already taken place on e-Filing, and it is imperative that the wider public understands the impact on the emigration process and the withdrawal of funds from South Africa to abroad,&#8221; said Tax Consulting SA.<\/p>\n<p>Through SARS&#8217; push towards making complaints easier for the taxpayer themselves, the group has released a guide to inform taxpayers of the e-filing process.<\/p>\n<p>SARS said the system needed to be changed in line with international standards and its goal of further modernising.<\/p>\n<p>Ultimately the updated Tax Compliance Status (TCS) system has revised what it means to be a tax complaint in terms of the system, the business process and usability of the system to drive compliance, the discontinuation of &#8220;tender&#8221; as an option for TCS request and the strengthening of the legislative alignment with the South African Reserve Bank (SARB).<\/p>\n<p>The new AIT application now requires that when taxpayers apply for TCS status in respect of international transfers, they submit the following supporting documentation:<\/p>\n<ul>\n<li>Specific documents showing the sources of the capital to be invested;<\/li>\n<li>Statement of assets and liabilities for the previous three years;<\/li>\n<li>If the taxpayer is a &#8216;non-resident for tax purposes, &#8216; relevant proof to ceased tax residency;<\/li>\n<li>Details of locally listed securities;<\/li>\n<li>Applicable power of attorney where the TCS application is submitted by someone other than the taxpayer.<\/li>\n<\/ul>\n<p>The full guide can be accessed <strong><a href=\"https:\/\/www.sars.gov.za\/latest-news\/enhancements-to-the-tax-compliance-status-process\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/strong>.<\/p>\n<p>The tax authority has been ramping up over the past few years to make ensuring compliance the cornerstone of the institution, and as a result, it has not only made it easier to be compliant and approach them but also harsher in their investigations.<\/p>\n<p>With emigration continuing to take its toll on the country&#8217;s tax base, Tax Consulting SA said that those considering jumping ship have found it increasingly difficult to do so.<\/p>\n<p>Thomas Lobban, the head of individual cross-border tax at the firm, said that it is increasingly important that a taxpayer remain compliant thus giving the authority less to pick at when it comes time to cease tax residency.<\/p>\n<hr \/>\n<p><strong>Read: <\/strong><strong><a href=\"https:\/\/businesstech.co.za\/news\/energy\/682517\/sars-looking-at-how-rooftop-solar-tax-breaks-can-be-expanded-including-to-complexes-and-estates\/\" target=\"_blank\" rel=\"noopener\">SARS looking at how rooftop solar tax breaks can be expanded \u2013 including to complexes and estates<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SARS has a new compliance system.<\/p>\n","protected":false},"author":10,"featured_media":674015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,3246,12796],"class_list":["post-682697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-sars","tag-tax-consulting-sa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/682697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=682697"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/682697\/revisions"}],"predecessor-version":[{"id":682709,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/682697\/revisions\/682709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/674015"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=682697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=682697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=682697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}