Tax clearance certificates for money transfers
Tax clearance certificates in respect of foreign investments must be obtained from SARS (South African Revenue Service) for all money transfer and foreign exchange transactions out of South Africa that exceed the ZAR one million discretionary allowance.
A tax clearance certificate in respect of foreign investments from SARS is a confirmation that you have submitted all your tax returns and no tax is currently outstanding. It is valid for a one year period.
Please however be aware that when your tax clearance certificate is issued it comes with a Pin - this Pin is used at the actual time you wish to do your transfer. So although you havereceived a tax clearance certificate, your good standing with SARS will still be confirmed via the Pin at the time of your money transfer. Should you become non compliant during the year, your transfer will not be able to go ahead.