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FOREIGN ALLOWANCESThe South African income tax law makes provision for various foreign allowances. 1. FOREIGN INVESTMENT ALLOWANCE Private individuals may invest R 10 million outside of South Africa on an annual basis. This Foreign Investment Allowance applies to all taxpayers over the age of 18 years old. An applicant need to complete a tax clearance (FIA001)to be submitted with SARS. All your tax affairs need to be in order. The following documents need to accompany your application. a. Up to date balance sheet b. Certified copy of your ID c. Original proof of banking details d. Proof of funds available to transfer offshore 2. TRAVEL ALLOWANCE An annual travel allowance for individuals are R 1 million Flights must originate from South Africa , with proof of ticket. For assistance in completing and submitting your tax clearance as well as the transfer of funds contact us below.
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