The answer to this query is based on legislation as at 2014/03/24.
the tax clearance for foreign investments also apply to foreign current
account/s held by a SA business? Secondly, does SAIT have advisory capacity
related to forex regulations?
application must, in such cases, be submitted to an Authorised Dealer, that
is, the Exchange Control Department of the company’s commercial bank as
Reserve Bank approval is required. Unfortunately SAIT does not have a
department which deals with forex related matters but I am certain that
the company’s commercial bank will be able to assist. The FIA001 (Tax
Clearance Foreign Investment) form is for individual taxpayers only.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.