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A South African who is wishing to invest more than R1 million offshore would have to follow the same financial audit.
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On April 24, seemingly out of the blue, The SA Revenue Service (Sars) updated its "Manage Your Compliance Status” webpage and announced a “new enhanced” TCS application form.
This meant that a South African who hoped to invest more than R1 million offshore would have to follow the same financial audit process as a person applying for non-resident tax status.
READ: Where should I invest my short-term cash?
In this podcast, Maya Fisher-French speaks to Thomas Lobbin, head of cross-border taxation at Tax Consulting SA, to understand what this means for investors and why Sars has taken this approach.
