As the year draws to a close and you are still planning to send funds offshore, we would like to take this time to encourage our clients to make use of their full annual offshore allowance limits before they reset in January 2024. Here's all you need to know about using your allowances ahead of the 31 December deadline.

South African citizens (over the age of 18) - including those living abroad and who are still tax residents - are eligible to certain allowances for transferring money offshore - that reset each year on 1 January:

• The Single Discretionary Allowance (SDA) which allows you to take up to R1 million out of the country in a calendar year without a tax clearance certificateor permission from the South African Reserve Bank (SARB).
• The Foreign Investment Allowance (FIA) which allows you to take up to an additional R10 million out of the country in a calendar year, however, requires a Foreign Tax Clearance Certificate (FTCC). 
• A special clearance dispensation for any offshore transfers greater than R11 millionper calendar year. These applications can be made to the SARB on behalf of our clients and in most instances are approved by the SARB within 30-days

Funds that require a Foreign Tax Clearance Certificate (FTCC):

For clients still looking to utilise their foreign investment allowance and who require a foreign tax clearance certificate*, our team of tax and exchange control specialists are available to assist. We would however like to urge our clients to send us their applications as soon as possible due to the slow turnaround time we are currently experiencing at SARS. It’s also worth bearing in mind that SARS generally operates on skeleton staff over the December holiday period, so we suggest getting your applications in by 15 November at the very latest.

For access to the updated SARS AIT Application pack click here.

Final trading dates for 2023 allowances: 

In order for your annual allowances to be allocated within 2023's calendar year, exchange rates will need to be booked by our trading desk by close of business of 27 December 2023 (Wednesday). Any bookings made after this will be deemed as part of next years' annual allocation. 
 Important Contact Details: 

If you have any questions, need to book a rate or require any assistance with an application, please do not hesitate to reach out to any of our team members below on the following email addresses below:

Christopher Van Der Berg: christopher@captafx.com
Zelieka Wainwright: zelieka@captafx.com
Charl Hoffman: charl@captawealth.com
Nicole Renswick: nicole@captafx.com

Alternatively we encourage you to contact us via our landline on 011 568 4446 whereby one of the team members will be available to assist immediately.

Thank you for choosing CAPTA FX as your trusted global currency trading partner.