Jerry Botha News Today

The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.  On the one hand, there was the tribe aligned with the strategic intent that the AIT process aids in making non-compliance hard and costly. On the other, many were of the mindset that the new AIT process would open a window for the South African Revenue Service (SARS) to further investigate the full extent of taxpayers’ wealth.

The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.  On the one hand, there was the tribe aligned with the strategic intent that the AIT process aids in making non-compliance hard and costly. On the other, many were of the mindset that the new AIT process would open a window for the South African Revenue Service (Sars) to further investigate the full extent of taxpayers’ wealth.

On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals. In SARS’ Media Statement of 03 May 2023, the revenue authority provided an update on the implementation of the AIT process, clarifying that...

There have been mixed views in the media since the South African Revenue Service (SARS) announced its “enhancements” to the Tax Compliance Status (TCS) process on 24 April 2023. Tax Consulting South Africa has since been approached by several SARS-recognised professional bodies to provide clarity on these changes through member specialist training.  The first session with the South African Institute of Taxation (SAIT), held on 23 May 2023, provided unique insight to the new proc...

The South African Revenue Service (“Sars”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad. The AIT process applies to both South African tax residents exercising their Foreign Investment Allowance for above R1-million transfers, as well as for financial emigration, which is now one combined Sars process. This was described by Sars in...

Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step walkthrough of the new process.   SARS’ changes to the TCS process

Having seen the contents of the budget speech retold endlessly in the media, many business professionals are still no wiser about how their companies will be impacted by the announced policy changes.  To assist them, Tax Consulting South Africa will host a three-part webinar series to unpack practical insights and solutions that help to understand how you can progress in your business, as opposed to just understanding the theoretical policy changes revealed in the budget speech and media.&n...

Like that found in Yin and Yang, all things must be balanced in life, which rings true even for a competent revenue authority, as the South African Revenue Service (“SARS”) has demonstrated over the last fiscal period, with Commissioner Kieswetter stating that “we strive to balance the trade-off between taxpayer service and risk management”. Not only has SARS’ collections over the last fiscal period, exceeded the budget estimate, but, accordingly to Kieswetter,...

A sure-fire way for Sars to gauge that something is amiss, is to look at someone’s lifestyle.