There has been much publicity surrounding the recent changes by SARS to the requirements and procedure surrounding applications for tax clearance in respect of the foreign investment allowance. The latter allows individual South African tax-payers to export offshore – over and above the R1m annual discretionary allowance – up to R10 million per annum. In order to understand properly what the new requirements entail, we asked Morningstar to give some clarification on the issue.
In the following article, Morningstar director Debra Slabber outlines what the facts are and what this actually means going forward: Foreign investment allowance for individuals: What are the facts?.