OFFSHORE TAX CLEARANCE – ADDITIONAL SARS REQUIREMENTS JULY 2017
Supporting documents for foreign investment allowance required by SARS
SARS has increased their requirements for applications for Tax Clearance for Foreign Investments. The following additional documentation and/or information is required for investors who exceed the Single Discretionary Allowance (SDA) of R1 million within a calendar year:- Relevant material that demonstrates the source of the capital to be invested (see below SARS link)
- Statement of assets and liabilities for the previous three tax years (this should include disclosure of all investments, loan accounts and distributions from local and foreign companies, trusts, etc.)
- Relevant material for tax returns of the previous three tax years (this should include interest schedules, CGT calculations, financial instruments, etc.)
THE JSE REACHES A NEW HIGH FOR THE FIRST TIME IN TWO YEARS JULY 2017
South African Market
Seemingly out of the blue, the JSE ended the month at a record high on the last day of July. This is the first time since 4 April 2015, that the JSE has been above 55,000 points, bringing the return for the year to date up to a respectable 9%. The JSE finally moved out of its two-year sideways movement with a 7% rally in July. This rally was led by resource shares, which were up 13.3%.