The local taxation authority in South Africa is the South African Revenue Service (SARS). Before you can transfer money out of the country you need to obtain SARS clearance on the transaction.
In order to obtain SARS clearance, you need to complete and submit a form known as an “FIA001”. This form is available at a SARS branch, or electronically on the SARS website.
To see an example of the FIA001 form, click on the link below.
The first section on the form asks for your personal details. It is important to note that it is obligatory to provide your income tax registration number. In other words, on order to obtain clearance, you need to be registered with SARS. This is why other pages on this site emphasise the importance of following correct procedure when you bring money into the country.
The next section covers the actual transaction. Take note that for the purposes of this section you need to submit a statement of your assets and liabilities. Failure to do so will prevent your application for clearance from succeeding. Also, make sure that you attach supporting documents to your application pertaining to the money that you want to transfer. For example, if you are going to transfer money that is in your bank account, attach three months worth of bank statements showing the money. Or, if the money to be transferred came about as the result of the sale of a property, attach all the documents relating to the sale. SARS wants to see this type of documentary proof.
The next section after that allows you to appoint a representative to act on your behalf in obtaining the clearance. This is important is you are going to make use of a currency exchange company, who will obtain tax clearance for you, but you need to fill it in anyway because it also identifies your authorised dealer (your bank) to SARS.
Money Transfers to and from South Africa - here's how:
- Foreign exchange regulations in South Africa 03-01-2011
- Essential money transfer advice for all transactions 02-01-2011
- Exchange control relaxed in South Africa 28-10-2010