FISA received the following communication from the SARS Stakeholder Management Department:
“Effective from 1 March 2021, Government will implement changes to the foreign exchange control system, as outlined in Annexure E of the 2020 Budget Review.
The Foreign Exchange Control changes, together with the amendments in the Taxation Laws Amendment Act, 2020, will impact the TCS requests for FIA and Emigration as well as the withdrawal of retirement funds.
The attached letter provides you with further information with regard to the impact it will have on the TCS process.
Kindly please disseminate the letter it as widely as possible with your membership.”
Click here for the letter.