SOUTH AFRICAN REVENUE SERVICE
MEDIA RELEASE NUMBER 13 OF 2002
4 AUGUST 2002
NEW APPLICATION PROCESS FOR TAX CLEARANCE CERTIFICATE IN RESPECT OF FOREIGN INVESTMENT ALLOWANCE
The South African Revenue Service (SARS) has substantially amended the process of issuing the Tax Clearance Certificates in respect of the Foreign Investment allowance. These changes became necessary in the light of abuses that were identified in the old process.
Effective from Monday, 5 August 2002, the following important changes will be implemented:
- The taxpayer must apply only at the SARS Branch Office where he/she is registered for Income Tax purposes.
- The tax clearance certificate will no longer be given to taxpayers. SARS will now send the certificate directly to the Paying Bank / Authorised Dealer handling the actual transfer / investment of the funds as per the application form. The taxpayer will be notified of this fact by way of a letter.
- The tax clearance certificate may be faxed directly to the Paying Bank / Authorised Dealer, and the original will thereafter be posted. The Paying Bank / Authorised Dealer may directly collect the certificate from the SARS office.
- Every attempt will be made to issue the tax clearance certificate within a period of five (5) working days, unless the application has been referred to the Audit or Special Investigation Sections, whereupon it can take longer. In the latter case, the taxpayer will be notified in writing.
Effective from 5 August 2002, the following new application forms for Tax Clearance Certificate in respect of Foreign Investment Allowances will be utilised:
- Application form number FIA 001 is the new application form for any lump sum amount including annualised amount in excess of R30 000, in respect of recurring premiums.
- Application form number FIA 002 is the new application form for annualised amount of less than R30 000, only in respect of recurring premiums,
Form FIA 003 is the new format of the Tax Clearance Certificate in respect of Foreign Investment Allowances to be issued by SARS.
The new application forms - FIA 001 and FIA 002 - are available on the SARS website (www.sars.gov.za) and may also be obtained from any SARS Branch Office.
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
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