Indemnización de viaje según SARB
Los subsidios del Banco de la Reserva de Sudáfrica están allí para monitorear los fondos entrantes y salientes. Estos subsidios son aplicables a todos los residentes de Sudáfrica.
Los gastos de viaje
Esta es la asignación utilizada cuando se viaja en el extranjero y es necesario comprar moneda. Los adultos mayores de 18 años tienen una asignación de R1,000,000 (un millón de Rand) y menores de 18 años tienen una asignación de R200,000 (doscientos mil rand) por año.
El subsidio se renueva cada año calendario y la asignación no utilizada no se puede transferir al año siguiente. La moneda no se puede comprar cuando se viaja a los países de la CMA.
Los viajeros pueden, sin embargo, tomar hasta R25,000 (veinticinco mil marcos) en Rand sudafricano en efectivo cuando viajan al extranjero.
Requisitos del documento para el subsidio de viaje
Pasaporte
Pasaje de pasajeros (cuando el viaje comience dentro de los 60 días de la fecha de la solicitud - saliendo de SA y volviendo a SA)
Prueba de domicilio (no mayor de 3 meses)
Si viaja en coche, debe proporcionar los documentos de registro del vehículo que se utilizarán para salir de Sudáfrica. Deberá indicar el método de transporte, la fecha de salida, el destino y el puesto fronterizo en el que saldrá de Sudáfrica.
Si sus arreglos de viaje son cancelados, el intercambio adquirido debe ser vendido de nuevo a un distribuidor de divisas con licencia dentro de 30 días.
Travel Allowance Productos
Efectivo Extranjero
Cheques de viajero
Pasaporte en Efectivo
Transferencia telegráfica (a su propia cuenta bancaria en el extranjero - no se permiten pagos de terceros)
Indemnización Discrecional
Este subsidio forma parte del Subsidio de Viaje. Puede utilizar la asignación discrecional en los siguientes casos;
Regalos Monetarios
Donaciones a misioneros
Subsidio del estudio
Alimony & amp; Manutención de los hijos
Gastos de boda
Pagos de Mantenimiento
Arreglos de la tierra
Préstamos a no residentes
Envío de fondos a residentes residentes temporalmente en el extranjero
Requisitos de documento para la asignación discrecional
Identificación de código verde con código de barras de Sudáfrica
Prueba de residencia
Motivo del envío de fondos (con prueba)
Discretionary Allowance Productos
Transferencias telegráficas
Borradores bancarios
Cuota de inversión de capital
Cuando usted invierte en el extranjero, hay una asignación de R4,000,000 (Cuatro millones de rand) por contribuyente adulto mayor de 18 años, por año. Para utilizar este subsidio, le solicitaremos la siguiente documentación;
Requisitos de documento para la asignación de capital
Identificación de código verde con código de barras de Sudáfrica
Prueba de Residencia (no mayor de 3 meses de edad)
Certificado de autorización de servicios de ingresos de Sudáfrica (SRAS)
Documentación de la inversión que va a transferir a (carteras de inversión offshore, propiedad, cuentas bancarias u otras inversiones)
Capital Investment Allowance Productos
Asignación de emigración
Este subsidio puede ser usado si usted ha sido un residente de Sudáfrica por más de 5 años y ha decidido tomar residencia en otro país. Se le permite transferir R $ 4.000.000 (Cuatro millones de rand) y R8.000.000 (Ocho millones de rand) por unidad familiar.
También puede exportar bienes personales al valor de R $ 1.000.000 (Un millón de rand). También tiene derecho a la asignación Discrecional.
Requisitos de documentos para la asignación de emigración
Usted tendrá que proporcionar los siguientes documentos certificados de todas las partes que están emigrando;
El formulario del Banco de la Reserva MP336 (b) (Puede completar un formulario para toda la familia)
Documentos de identificación de Sudáfrica
pasaportes
Prueba de que tiene el derecho de residencia permanente en el país al que está emigrando
Certificados originales de acciones que usted pueda tener (Guarde copias certificadas por usted mismo)
Copias de documentos de política y anualidades
Certificado de impuestos para emigración (Solicite este certificado enviando el formulario IT21a al SRAS)
Emigration Allowance Productos
Le pondremos en contacto con un funcionario del departamento no residente de nuestro banco.
Compartir este:
Subsidios de cambio
¿QUÉ ES LA CANTIDAD DE CAMBIO EXTRANJERO?
El Banco de Reserva controla y monitorea todo el dinero que sale y entra en el país. Parte de este programa de control de cambio es que cuando se viaja en el extranjero, sólo se puede canjear una cierta cantidad de dinero para la moneda extranjera.
¿CUÁNTO ES LA CANTIDAD DE CAMBIO EXTRANJERO?
El subsidio de viaje anual es de R160 000 para los adultos y los niños mayores de 12 años. Los niños menores de 12 años reciben una asignación anual de 50 000 rupias cada uno.
Solía haber un subsidio de vacaciones y negocios por separado, pero esto ya no existe. La asignación anual se aplica a todas las formas de viaje durante el año.
Las indemnizaciones son válidas para un año civil comprendido entre el 1 de enero y el 31 de diciembre. Su asignación se determina en la fecha de salida. Si no utiliza su asignación completa durante el año en que desaparece, no puede acumular asignaciones de un año a otro.
Puede usar su asignación completa de la manera que desee, incluyendo efectivo en el extranjero, tarjeta de crédito, cheque de viaje o cheques de viajero.
¿PUEDE OBTENER UN SUBSIDIO ADICIONAL?
Si la asignación de R160 000 no es suficiente para el año, puede solicitar al Banco de la Reserva una asignación adicional.
Asignaciones personales & # 8211; transferir fondos
Todos los sudafricanos - que viven en el país o en el extranjero - tienen la libertad financiera de transferir fondos al mar sin tener que emigrar financieramente poniendo sus asignaciones personales anuales para usar.
Asignación de Inversión Extranjera (FIA) - R10million por adulto, por año - se requiere el certificado de liquidación de impuestos. Disponible para todos los residentes y no residentes, mayores de 18 años. Identificación de Sudáfrica con código de barras de color verde y sujeto a un registro de impuestos activos de SARS.
Indemnización Discrecional (DA) - R1 millones por adulto, por año - no se requiere liquidación de impuestos. Disponible para todos los residentes; Los no residentes de Sudáfrica pueden usar la asignación sólo en el año calendario al abandonar el país - mayores de 18 años. Identificación de Sudáfrica con código de barras de color verde y sujeto a un registro de impuestos activos de SARS.
Inactivo Registro de impuestos de SARS? No hay problema. Para las asignaciones personales, transferencia de fondos en el extranjero, forex y soluciones bancarias, siéntase libre de hacer uso de cualquiera de nuestros servicios para empezar.
Cashkows. com es un Proveedor de Servicios Financieros autorizado por la Junta de Servicios Financieros de Sudáfrica. FSP # 42872. Intermediario de divisas aprobado por el Banco de Reserva de Sudáfrica. Asesor de PPS acreditado internacionalmente.
Muchos sudafricanos están preocupados por el estado del Rand, y preguntándose si no sería una mejor opción mover su dinero costa afuera. Lanza una cierta inestabilidad política, una sequía y algunos otros golpes económicos en la mezcla y es comprensible cómo la inversión costa afuera parece una
Bienvenido a nuestra tercera característica del blog '#ReasonsToImmigrateTo de cashkows. Aunque no podemos prescribir qué país sería el más adecuado para sus necesidades individuales, podemos darle la información sobre factores de atracción que algunos de sus pares han citado para elegir un país o región en particular. Fueron
Con muchos sudafricanos saliendo para pasar las vacaciones de Pascua o ya en el camino, es posible que tenga una necesidad de aplicaciones útiles para ayudarle en la carretera, ofrecer información de destino o mantener a los niños entretenidos en el camino. Echemos un vistazo a algunas de las mejores aplicaciones en el mercado. Los mejores viajes de 2017
Inicio & # 8250; Subsidio de viaje anual de Sudáfrica
Subsidio de viaje anual de Sudáfrica
El subsidio de viaje anual de Sudáfrica forma parte del subsidio anual y está disponible para todos los individuos. Adultos y niños.
Aspectos destacados del subsidio de viaje anual de Sudáfrica
Los residentes mayores de 18 años pueden utilizar el subsidio de viaje anual (dentro de los límites de la asignación anual de carácter discrecional) por un monto de hasta R1 millones por año calendario.
Los residentes menores de 18 años pueden utilizar un subsidio de viaje anual reducido de hasta R200 000 por año calendario.
Las divisas obtenidas como una asignación de viaje pueden obtenerse en cualquier forma autorizada:
El subsidio de viaje también se puede transferir al extranjero a la cuenta bancaria del viajero, pero no a una cuenta de un tercero.
La moneda extranjera debe ser comprada no más de 60 días antes de la fecha de salida.
La moneda extranjera comprada sólo puede ser mirada cuando se compró.
La moneda no utilizada debe ser cambiada de nuevo a Rand dentro de 30 días de regresar a Sudáfrica.
En el caso de un subsidio de viaje, si usted no gasta todos los fondos en gastos de vacaciones no puede mantener los fondos en el extranjero o comprar activos en alta mar.
Más sobre el Subsidio Discrecional Anual
La asignación discrecional anual se limita a no más de 1.000.000 de rupias por individuo por año de calendario (los niños menores de 18 años están restringidos a 200.000 R).
Debe tenerse en cuenta que el límite total de la asignación discrecional de R1,000,000 es aplicable a todas las categorías bajo la sección de permisos discrecionales del Manual de Control de Cambios que incluye:
Regalos monetarios y préstamos.
Donaciones a los misioneros.
Transferencias de mantenimiento.
Los gastos de viaje.
Subsidio de estudio.
Elegibilidad
Los residentes permanentes de Sudáfrica, esto es aplicable si el individuo es un ciudadano sudafricano o residente permanente en posesión de un código de barras de Sudáfrica ID Book.
Emigrantes de Sudáfrica que han residido en Sudáfrica por lo menos 5 años y ahora están saliendo para tomar la residencia en un país fuera de Suráfrica en una base permanente.
Cuota de año de calendario
La importancia de un año de calendario es que no se puede prorrogar ninguna asignación no utilizada. Si el período de viaje se extiende hasta el final de un año calendario, una asignación completa todavía se puede solicitar en el año siguiente.
Donde se puede hacer el pago
La asignación discrecional puede hacerse en una cuenta bancaria del viajero en el extranjero o en cualquier otra forma autorizada y los menores también pueden tener sus asignaciones transferidas a su cuenta de los padres. No se permiten transferencias a cuentas de terceros.
Qué se considera al hacer una solicitud
Los distribuidores autorizados son designados ciertas responsabilidades en términos de supervisar la consulta de control de cambio. Tienen en cuenta los siguientes factores al conceder la autorización:
Pasajes de pasajeros, modo de transporte, fecha de salida y destino
Cuando los billetes de pasajeros no sean el modo de transporte aplicable, la fecha de salida, el destino y el nombre del puesto fronterizo desde donde el viajero saldrá de Sudáfrica.
Compromisos del viajero que:
Los viajes comenzarán dentro de 60 días a partir de la fecha de la solicitud de cambio
No se comprarán más divisas en exceso de los límites aplicables
Que en caso de que se cancelen los arreglos de viaje, la divisa suministrada será revendida al distribuidor autorizado dentro de los 30 días de la cancelación.
Además, para asegurar que la divisa buscada se utilice de acuerdo con el propósito declarado, se tendrán en cuenta los siguientes factores:
La duración de la visita al extranjero
Las edades de los solicitantes (las personas mayores pueden requerir más comodidades)
Cualquier discapacidad o necesidades especiales
Aspectos de los viajes planificados que pueden influir en costos tales como
Costes de alojamiento
Países de destino
La composición del gasto estimado
Qué bonificaciones ya se han utilizado
Cualquier otra circunstancia especial que pueda influir en los costos
Cómo puede ayudar Incompass
Como es de esperar de una compañía de control de divisas con experiencia, podemos guiarle a través de su asignación aplicable y completar toda la documentación requerida en su nombre. Por supuesto, también disfrutarás de la ventaja de un servicio personalizado, sin cargos administrativos y lo mejor de los tipos de cambio.
Si está pensando en transferir su permiso de viaje discrecional, comuníquese con Incompass - la forma inteligente de transferir su dinero.
Inicio & # 8250; Subsidios de emigración Sudáfrica
Subsidios de emigración Sudáfrica
Si emigran de Sudáfrica (y buscan asesoramiento sobre qué asignaciones de emigración están disponibles) los clientes tienen dos rutas que pueden considerar:
Emigración formal.
Utilizando su asignación anual y la asignación anual de inversión extranjera.
La emigración formal conlleva repercusiones potenciales en su derecho a la ciudadanía en curso y se debe buscar consejo. A continuación veremos cómo sus subsidios podrían permitirle, en la emigración, transferir hasta R22 millones por año.
Aspectos destacados de la utilización de los derechos de emigración & # 8217;
Cuota Anual Discrecional & # 8211; R1 millones por año calendario por adulto.
Asignación de Inversión Extranjera & # 8211; R10 millones por adulto por año calendario.
El subsidio de los niños & # 8217; R200,000 por año calendario.
Cantidades adicionales - A discreción del banco de reservas se pueden hacer solicitudes para la transferencia de cantidades adicionales por encima de las asignaciones.
Detalles
Los activos extranjeros mantenidos no necesitan deducirse del monto anterior.
Las transferencias efectuadas en virtud de la Sección 0 (punto 6.1.1) del Manual de Control de Cambios deben deducirse de las asignaciones anteriores.
Los solicitantes deben haber residido en Sudáfrica durante al menos cinco años.
El Servicio de Impuestos de Sudáfrica debe haber confirmado que deben establecerse arreglos apropiados para pagar o ya han pagado las obligaciones tributarias.
Prueba documental de que el solicitante ha recibido efectivamente el permiso correspondiente para establecerse en otro país y de que el distribuidor autorizado (facultado por el Banco de la Reserva) está convencido de que el solicitante tiene la intención de renunciar permanentemente al domicilio sudafricano.
¿Cómo puede ayudar Incompass?
Como es de esperar de una compañía de control de divisas con experiencia, podemos guiarle a través de sus derechos de emigración aplicables y completar la documentación requerida en su nombre. Por supuesto, también disfrutarás de la ventaja de un servicio personalizado, sin cargos administrativos y lo mejor de los tipos de cambio. Incluso podemos ayudarle a establecer una banca apropiada en destinos offshore como las Islas del Canal y Suiza.
Si está emigrando y necesita asistencia considerando la transferencia de capital como una asignación de emigración, contacte Incompass - la forma inteligente de transferir su dinero.
Llámenos
Indemnización Discrecional
Indemnización Discrecional
Por encima de las otras cantidades que se le permite transferir de Sudáfrica durante su vida, hay una asignación discrecional adicional adicional que está disponible. El subsidio discrecional está disponible para cualquier persona que tenga un código de barras Sudáfrica ID libro, por lo tanto, incluidos los ciudadanos sudafricanos y residentes permanentes que han estado en el país por un período de al menos cinco años.
El subsidio discrecional tiene un límite de 1 millón de ZAR por año para los adultos y de 200 000 ZAR por año para los niños menores de 18 años. La asignación discrecional puede adoptar las siguientes formas:
Es importante señalar que a los efectos de realizar la transferencia, las categorías enumeradas anteriormente tienen sus propios requisitos específicos que deben cumplirse. Además, el límite de 1 millón de ZAR es el máximo global, independientemente de para qué se utilice el subsidio. Así, por ejemplo, si usted hizo un subsidio de viaje de ZAR600 000, sólo tendrían unos ZAR400 000 restantes para el año para todas las otras categorías.
Es posible solicitar al Banco de Reserva sudafricano (SARB) un aumento en la asignación, pero si lo hace puede que tenga que pagar una tasa de salida del 10% sobre el dinero extra que se transfiere de Sudáfrica.
La asignación discrecional le permite transferir dinero al extranjero para prácticamente cualquier propósito, pero tiene un límite máximo de 1 millón de ZAR al año
Transferencias de dinero hacia y desde Sudáfrica - aquí es cómo:
Regulaciones cambiarias en Sudáfrica 03-01-2011
Asesoramiento esencial de transferencia de dinero para todas las transacciones 02-01-2011
El control cambiario se relajó en Sudáfrica 28-10-2010
Subsidio de herencia
Es posible que haya estado viviendo en el extranjero durante varios años y ahora usted es el beneficiario de una herencia fallecida y tiene una herencia debido a usted y el ejecutor le contacta para hacer el pago y le hace algunas preguntas complicadas acerca de cuándo salió y su estado en términos de Cambio de control y no sabes por dónde empezar.
En términos de control de cambio sudafricano, si usted está viviendo en el extranjero y ha recibido una herencia de un estado sudafricano que se clasifican en una de las tres categorías siguientes:
1. Residente sudafricano Temporalmente en el extranjero - la mayoría de las personas caen en esta categoría y sus opciones son:
Transferencia de fondos con su R10 millones de inversión extranjera asignación que requerirá liquidación de impuestos y una barra verde codificado SA libro de identificación.
Coloque su emigración en el registro con SARB - esta es una aplicación de emigración muy directa que podemos ayudarle con.
2. Usted ya ha emigrado en términos de control de cambio (emigrado financieramente) y por lo tanto está clasificado como no residente.
Los fondos pueden ser transferidos a usted siempre y cuando usted pueda proporcionar una prueba o confirmación de su emigración - esto implica proporcionar un número de referencia o aprobación del Banco de la Reserva de Sudáfrica que usted habría recibido cuando originalmente emigró. Este proceso es bastante sencillo.
3. No residente - usted nunca fue un ciudadano sudafricano
Este es un proceso sencillo de proporcionar evidencia de su estado de no residencia y transferir fondos en el extranjero.
Cualquiera que sea el escenario, FX Capital encontrará la solución y asegurarse de que los fondos se transfieren rápidamente y con excelentes tipos de cambio y bajas tasas bancarias y donde la emigración es necesaria para proporcionar los honorarios más bajos en la ciudad.
Acerca de Forex Trading en Sudáfrica
El mercado de divisas, o Forex, es el mayor mercado financiero del mundo. En el comercio de divisas internacionales, Forex tiene diferentes centros financieros ubicados en todo el mundo, y los compradores y vendedores de trabajo a lo largo de la semana para el comercio de divisas y otros productos con fines de lucro. Recientemente, Sudáfrica ha comenzado a convertirse en un lugar mucho más deseable para los inversores de Forex.
Usted puede recibir una mirada más detallada de cómo funciona el comercio de Forex en Sudáfrica, pero la buena noticia es que, mientras que la nuestra nación sigue emergiendo, Forex opera básicamente igual, sólo con regulaciones ligeramente diferentes.
Regulaciones & amp; SARS
Los funcionarios reguladores de Sudáfrica también han relajado sus normas de permisos de negociación de divisas. A los individuos se les asignó previamente una suma de 1 millón de reales para operar con Forex, con un estipendio de R $ 4 millones para establecer cuentas offshore.
En 2010 se han combinado la asignación de inversión extranjera de R4 millones y la asignación discrecional única de R1 millones, dejando a los inversores de SA Forex con una asignación de R5 millones - el límite que se le permite invertir.
Lo que esto indica es que los estándares de Forex están cambiando constantemente Sudáfrica. Si el subsidio puede ser combinado en sólo unos pocos años, puede esperar que suba de nuevo. Además, como un bono adicional, si usted está operando un negocio o algún tipo de empresa de inversión en SA, el Banco de la Reserva está buscando más favorablemente en sus aplicaciones.
Para obtener una guía completa sobre cómo financiar cuentas de comercio exterior de Sudáfrica, lea esto.
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Américas
Europa y Asia Pacífico
África
Control de cambio de viaje
Todas las transacciones de divisas en Sudáfrica están sujetas a regulaciones de control de cambio, que son gobernadas por el Banco de Reserva de Sudáfrica. Como distribuidor autorizado en divisas, estamos equipados para ayudarle a cumplir con los requisitos del Banco de la Reserva de Sudáfrica.
Aquí están las reglas principales en lugar para los sudafricanos que desean viajar:
Una asignación discrecional única de R1 000 000 por año civil, para los residentes mayores de 18 años. Este subsidio podrá utilizarse para viajes, donaciones, donaciones, subsidios de estudios, pensión alimenticia y manutención de hijos, gastos de boda, asignación de capital extranjero y pagos de alimentos, siempre que el importe no exceda el límite de R1 000 000 por año civil.
Los niños menores de 18 años califican para un subsidio de viaje de R200 000 por año calendario.
La moneda extranjera para viajes no puede ser comprada más de 60 días antes de la salida del viajero. Para viajes, se debe presentar un billete de avión válido, indicando que el viaje comienza desde Sudáfrica y dicha asignación no puede ser emitida más de 60 días antes de la salida.
Los viajeros deben convertir divisas extranjeras no utilizadas dentro de los 30 días siguientes a su regreso a Sudáfrica.
Los costos de los arreglos de la tierra (hoteles, cruceros, tours, etc.) forman parte de su subsidio de viaje, pero el pago de las tarifas aéreas no.
El uso de su tarjeta de crédito mientras viaja al extranjero forma parte de su subsidio de viaje.
Además, cada viajero puede tomar R25 000 en billetes de banco de la Reserva de Sudáfrica cuando visite el extranjero.
Donde el valor del seguro de sus pertenencias personales, no para la venta, excede R50 000 usted necesitará un formulario de NEP atestiguado por un banco o por Aduanas y Excise. Por favor, pregunte en su punto de venta de divisas más cercano si necesita este formulario.
Si utiliza su tarjeta de crédito para comprar bienes y servicios en línea desde otro país, el valor no debe exceder R20,000
Los residentes de Sudáfrica también tienen una asignación de inversión de R $ 4 millones por año calendario para invertir en el extranjero. Si desea utilizar esta asignación, debe proporcionar al banco un certificado de liquidación de impuestos emitido por SARS.
Indemnizaciones de viaje para las empresas:
Standard Bank, como Distribuidor Autorizado, está autorizado a aprobar solicitudes para instalaciones de viajes 'Omnibus' de hasta R20.000.000 (Veinte millones de Rand) por año calendario para asignación a discreción de la compañía con respecto a cualquier número de viajes de negocios al extranjero por Uno o más viajeros.
Las solicitudes para disponer de instalaciones superiores deben presentarse al Banco de Reserva de Sudáfrica por medio de Standard Bank.
Los representantes de las empresas que recurren a esta facilidad todavía califican para la única asignación discrecional (que incluye el subsidio de viaje) de R1.000.000 por año.
Solicitamos la mayor cantidad de información detallada posible para facilitar el procesamiento de la solicitud:
Nombre registrado de la empresa.
El número de registro de la empresa.
Un breve resumen de las actividades de la empresa y la naturaleza del negocio.
Detalles de cualquier filial extranjera y / o participación.
Motivación para la aplicación.
Se ha solicitado la cantidad de Rand.
Los nombres de los funcionarios que viajan y el horario de viaje previsto.
Confirmación de que la asignación se utilizará sólo para gastos relacionados con viajes y no para generar beneficios.
La solicitud debe ser presentada en papel membretado de la empresa y firmada por representantes autorizados de la empresa, así como cada solicitud / pedido de divisas que se proporcionará a partir de entonces, deberá ir acompañada de una carta oficial de la empresa autorizando las visitas de negocios propuestas. emprendido
Nota: La instalación Omnibus no puede ser depositada en cuentas bancarias extranjeras bajo ninguna circunstancia.
Para obtener más información sobre Exchange Control, haga clic aquí
Acceda o regístrese
Permiso de la divisa: ¿permanecerá o irá?
No soy un hombre de apuestas, pero si lo fuera, estaría apostando una pequeña cantidad de dinero que la asignación de inversión extranjera para individuos está siendo revisada.
En la actualidad hay fuertes rumores en torno a los círculos financieros locales que este subsidio, actualmente R10 millones por año por individuo, podría reducirse, o, en condiciones extremas en los mercados financieros & # 8211; Como una rebaja de las calificaciones globales de SA por parte de las agencias internacionales de calificación crediticia & # 8211; Podría ser desechada por completo.
La existencia de una asignación de inversión extranjera y el fuerte aumento de R4 millones a R10 millones & # 8211; Como se anunció en el presupuesto del año pasado & # 8211; No se sentó bien con los poderosos aliados del ANC en la alianza tripartita, el Partido Comunista de Sudáfrica (SACP) y el Congreso de Sindicatos de Sudáfrica (Cosatu).
Cosatu, en particular, ha estado analizando una serie de características de las actuales políticas de la ANC, incluyendo la introducción de un salario mínimo, la prohibición de los corredores de trabajo y la propiedad extranjera de bienes en SA.
El reciente aplazamiento por parte del gobierno & # 8211; A la absoluta consternación de la industria de servicios financieros & # 8211; De ciertas características de la Ley de Administración Tributaria. Muestra una vez más el enorme dominio que Cosatu todavía tiene sobre el partido gobernante. Esto ocurre menos de dos semanas antes de que las nuevas regulaciones con respecto a los fondos de previsión y los fondos de pensiones se hubieran creado.
Las compañías de inversión han gastado decenas de millones de personas cambiando sus sistemas de administración para hacer frente a las nuevas leyes, sólo para ser informado por un Mininster encarnado Pravin Gordhan que el tema más controvertido de la propuesta de ley & # 8211; La capitalización del dinero de previsión en el futuro & # 8211; Será pospuesta por dos años. Usted puede apostar la mitad de su pensión que esta cláusula no verá la luz del día.
Propiedad extranjera de la tierra
El tema de la propiedad de la tierra & # 8211; No sólo las granjas sino todos los tipos de propiedad & # 8211; Por extranjeros, ha sido durante mucho tiempo un tema de campaña para Cosatu. El anuncio del presidente Jacob Zuma en su discurso del Estado de la Nación de 2017 de que la legislación se introducirá a finales de este año para prohibir la futura propiedad de las granjas por los extranjeros viene directamente del manual de Cosatu.
Según Cosatu, restringir la propiedad de las granjas a los extranjeros no es suficiente. Debe extenderse a todo tipo de propiedades en poder de extranjeros y debe ser de naturaleza retrospectiva. En otras palabras, los extranjeros deben ser despojados de sus propiedades SA.
En respuesta al presupuesto de 2017, en la edición especial de su revista Shopsteward del 2017, Cosatu dijo lo siguiente sobre esta cuestión: "La política (de restringir la propiedad extranjera de la propiedad) es radical porque se desvía del neoliberalismo Económica de que los países en desarrollo deben proteger la propiedad privada con el fin de atraer la inversión extranjera. Además, la política podría resultar en que SA se clasifique como no amigable del negocio. Por lo tanto, la política debe ser aplaudida porque es de interés nacional y no de interés extranjero ".
Continúa (en el mismo documento): "La política debe aplicarse a toda la tierra y no sólo a la tierra agrícola .... No está claro por qué se ha excluido la tierra no agrícola ".
Este punto de vista va en contra de la afirmación anual del contingente de la SA al Foro Económico Mundial de que "SA está abierta a los negocios", como Zuma y su comitiva intentaron reclamar nuevamente a principios de este año. Por un lado, quiere que los extranjeros inviertan en SA; Por otro lado, quiere prohibir la propiedad extranjera de tierras de cultivo y posiblemente en el futuro todo tipo de propiedades. No es de extrañar que las inversiones extranjeras directas en SA crecieran un 74% el año pasado.
Cosatu también ha sido un motor fuerte en la campaña para limitar la propiedad de las granjas a 12 000 hectáreas por individuo en SA, con cualquier excedente de tierras de cultivo para ser comprado por el gobierno con el objetivo de redistribuirlo.
Controles financieros bajo el reflector
En el mismo documento de Cosatu, Khwezi Mabasa, bajo el título de "Respuesta a los Seis Mitos sobre la Economía Política Post-Apartheid", critica duramente al gobierno por su "mayor liberalización financiera, que ha permitido que el capital fluya libremente dentro y fuera del país , Y disminuir la capacidad del Estado para regular las transacciones financieras ". En una directiva clara pide una regulación mejorada (prescritos activos de nadie?) Y para introducir controles de cambio.
El SACP, la tercera etapa de la Alianza Tripartita con el ANC, hace tiempo que hace campaña por una reintroducción de controles de cambio, la introducción de activos prescritos para financiar proyectos sociales e incluso la reprivatización de Sasol, entre otras cosas.
El dinero ha estado fluyendo de SA de manera consistente y constante durante los últimos años, como la disminución en el rand aumentó la velocidad y los mercados offshore comenzó a ofrecer mejores rendimientos.
Pero desde los acontecimientos del ahora infame Nenegate en diciembre del año pasado, la salida de dinero se ha convertido en un torrente furioso, ya que los inversores, tanto locales como extranjeros se dirigieron hacia las salidas. Eso explica parcialmente el colapso en la moneda de alrededor de R14 en el 12 de diciembre a casi R18 una semana o más tarde. El rand se ha recuperado de sus posiciones de sobreventa masiva desde entonces, pero incluso en los niveles actuales de alrededor de R15.50, todavía es casi un 30% más débil que hace un año.
Traté de tener una idea de la extensión de la salida del Banco de la Reserva de Sudáfrica, pero me dijeron que esa información es confidencial.
Por lo tanto, tuve que confiar en un rápido chicote entre los asesores de inversión y los administradores de fondos que confirmaron la masiva precipitación de la capital fuera del país. Todos y cada uno confirmó el alcance de la búsqueda casi frenética de dólares, libras e incluso euros.
Los gestores de fondos también han confirmado que muchos de ellos se están topando con la máxima exposición offshore permitida en términos de la Regulación 28, que controla la exposición extranjera, y han tenido que dejar de tomar nuevos fondos para sus fondos de alimentación offshore.
Stanlib, por ejemplo, se ha visto obligado a escribir a sus clientes en anualidades de jubilación y fondos de preservación que si no reequilibran sus carteras que violan la Regla 28, Stanlib lo hará en su nombre y colocará el dinero en un dinero Mercado, tal es la presión sobre ellos desde arriba.
Los inversionistas locales que aún no han utilizado su total anual de inversión extranjera de R10 millones podría obtener una suspensión de la ejecución en el presupuesto de esta semana.
Sin embargo, definitivamente doblaré cualquier apuesta si SA recibe una rebaja en algún momento en los próximos seis a 12 meses. Entonces, en lo que a mí respecta, el desguace del subsidio de inversión extranjera será un cert muerto, como dicen en los círculos de juego.
* Magnus Heystek es el estratega de inversión en Brenthurst Wealth (www. brenthurstwealth. co. za) Puede ser contactado en magnus@heystek. co. za para ideas y sugerencias.
Robertinsydney hace 1 meses
Magnus - sólo comentarista que vale la pena escuchar y ver como siempre. Las cifras que tengo son & # 8211; Los inversionistas domésticos sacaron R24bn en 3ro cuarto de 2017 mientras que los extranjeros vendieron un R43bn neto de enlaces y acciones en los últimos 5 meses de 2017. ahora las reservas totales del país son R730bn. Así que de acuerdo a mis cifras & # 8211; Si 73,000 personas tomaron su derecho R10m & # 8211; País no tendría reservas! Así que eso no va a suceder & # 8211; Y los inversionistas quieren su dinero hacia fuera como hacen los importadores & # 8211; Así que adivina quién está a la izquierda & # 8211; ¡TÚ! Por lo que más impuestos & # 8211; Menos capacidad de tomar el dinero de la orilla. ¡larga vida a la revolución! más aquí-
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Gemini hace 1 mes
Imagen interesante en su cuenta de twitter Robert & # 8211; Ahora entiendo todos sus comentarios & # 8230;
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Robertinsydney hace 1 meses
Se olvidó de él & # 8211; Hijo y yo en kilamanjoro & # 8211; grandes días
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Sweetpea hace 1 meses
I suspect that if a curtailment of moving money is imposed, it will scare foreign investors away. And quite rightly too. Government has been the wrecking ball of the economy, and it has a duty to correct its errors without imposing more restrictions on the citizens or investors.
But government can choose. Make it easy to invest and move funds or be seen to tighten exchange controls and send foreign investment elsewhere. Foreign investors have many choices when it comes to investing. South Africa is not that high on the agenda as a ‘must invest in country’. South Africa though, has only one choice if they want to encourage and procure investment. Stop corruption and make investment easy to conclude.
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Phil99 1 month ago
“You can bet half your pension that this clause will not see the light of day”. Why only half, Magnus? It’s a racing certainty.
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Foreign currency account
Foreign currency account for individuals
Foreign currency accounts are accounts in a currency other than rand held in South Africa in the books of a local authorised dealer bank. We currently offer two types of investments: call accounts and fixed deposit.
Advantages of a foreign currency account
It allows you to diversify your investments by having an account in a foreign currency.
You may hedge your position against currency fluctuations without having to move your funds offshore.
It means you do not have to convert any income received in foreign currency into rand (subject to exchange control regulations).
South African residents may invest part or all of their foreign currency investment allowances.
South African residents who are individuals aged over 18 year who are taxpayers of good standing
Foreign nationals living in South Africa
Individuals who do not reside in South Africa but want to invest in foreign currency in the country.
Investment accounts may be held in euro (EUR), US dollars (USD) and British pounds sterling (GBP).
No joint accounts may be held.
USD400, GBP1 000 or EUR400.
Deposits, withdrawals or transfers of funds from one account to another can only be arranged through a bureau de change or full forex outlet or Standard Bank’s non-resident centre .
A foreign currency account is not a transactional account. This means that payments to third parties are not allowed. To make third-party payments the money has to first be converted to rand before you make an outward payment via electronic transfer (international payment).
All transactions must comply with exchange control regulations.
Deposits can be made as rand or foreign currency transactions by transferring funds from existing accounts or by depositing a bank cheque or cash for the required amount in rand, which is then converted to the foreign currency.
Alternatively, a cheque or cash in the foreign currency can be deposited or foreign currency can be transferred from an overseas bank, which is subject to exchange control regulations.
South African resident individuals can keep funds received abroad in the following instances:
Foreign inheritances or legacies
Foreign earnings while working abroad
Income earned on approved foreign assets
Unused travel allowances may not be deposited in a foreign currency account in terms of Exchange Control Rulings B.2 (B)(i).
Exchange rates used for deposits and withdrawals are at the ruling bank’s selling and buying rates at the time of the transaction.
Interest rates are linked to the London Interbank Bid Rate (LIBID) for the particular currency and term chosen. Rates are tiered in bands so the higher the balance the more interest you will earn. Interest is calculated daily and payable at month end.
Interest is paid on the basis of the actual number of days and is based on the day count convention linked to the currency of the account, for example, 365 days for GBP, 360 days for USD and EUR.
Interest is paid on maturity. You may choose to have your interest paid into your foreign currency account or have the rand equivalent paid into your rand account. You must give us at least two days’ notice if you want to have the interest paid into your rand account.
The account is used only for investment purposes and any transaction processed over the account will attract a transaction charge. There is no monthly management fee
On the call account option, you may choose to receive statements monthly, quarterly, half-yearly or yearly. On fixed deposit accounts you will receive a statement on maturity.
You may ask at any of our bureau de change or full forex outlets for additional statements but there is a fee payable.
Interest earned on the account is taxable.
We will send you a tax certificate (IT3B) once a year. We will also send an electronic record of the interest to the South African Reserve Bank.
Terms for fixed deposit
The fixed period options are 3, 6 or 12 months. A cancellation fee applies if you decide to withdraw the money before the term is up. The fee is made up of:
a penalty based on the amount of the deposit and the unexpired portion of the original period; y
an administration fee.
You must tell us two days before maturity whether you want the money paid out to you or whether you want to re-invest it. Failing this, the money will automatically be reinvested on an overnight basis until we get further instructions from you.
Get more information
Contact one of Standard Bank’s bureau de change or forex outlets. or our non-resident centre
Login or Register
Send Money From South Africa
Charter Forex offers the following Outward Payments
Single Discretionary Allowance, up to R1-million annually, including:
Travel allowance
Monetary gifts & préstamos
Donations to missionaries
Investment allowance
Foreign Capital Investment Allowance: up to R4-million annually
Inheritances
Repatriation of funds previously invested into South Africa from abroad
Imports/Exports
Cómo funciona
The Forms: We’ll confirm the nature of your forex payment, and supply you with the necessary foreign exchange information and documentation.
Sign: Complete and sign these documents, and include a certified copy of your SA ID and proof of residential address for FICA. We’ll collect these documents, free of charge within South Africa.
Your SA Account: Once we’ve received your application and FICA documents, we’ll open your Investec Private Bank account* on your behalf, you then transfer your funds into this account. *The SARB requires that you hold an account with the bank facilitating your forex transaction.
Fix a Rate: Once your funds reflect in your Investec Private Bank account, we will contact you to quote and confirm a conversion rate*, ensuring a better rate than the commercial banks. *As exchange rates change constantly, we cannot speculate or advise on possible future currency fluctuations.
Send Money: Upon confirmation of the conversion rate, a trade is completed, your transaction is processed, and your funds are paid to the designated overseas account.
Sending money from South Africa is really that simple when you let Charter Forex do it for you.
Indicative Rates
Charter Forex is a product of Charter Fiduciary Administrators (PTY) LTD an Authorised Financial Service Provider FSP No 14204
Forex Brokers In South africa
Retail forex trading has taken off in a big way in South Africa, although it is still in its infancy. Several big international forex brokers have established a presence here in order to satisfy local demand, and many local banks are involved also. The business has been regulated by the South African authorities.
Indeed, all of the non-bank financial intermediaries in the country are regulated by the Financial Services Board of South Africa, which is based in Pretoria. The FSB has the power to impose unlimited fines on offending individuals or companies, and has a complaints system in place so that any investor with a grievance can easily report it.
However, one of the problems that South African citizens have is the imposition of exchange controls by the government which have the effect of limiting how much can be invested outside the country. Natural born South Africans over the age of 18, and in “good standing”, may invest up to four million rand (just under $500,000) in what is called an “exchange-controlled approved offshore investment allowance”. Interest earned on such an investment may remain offshore. In order to trade forex, it is required that you have a tax clearance certificate.
In spite of the fact that the system of regulation is better than it is elsewhere on the continent, there are, nonetheless, fraudsters in operation, so when selecting a broker, safety and security must be uppermost in your mind. Beware of brokers offering deals which seem too good to be true, because they probably are.
You should always do your due diligence, checking that a broker is regulated by the FSB. It is also a good idea to check with other traders in order to establish their experiences. You will find forums online where you can talk to other traders. It is also not a good idea to use offshore companies, since if you need to pursue a claim legally in another country, it can be almost impossible.
In order to help you make an informed choice, we have listed some brokers that we know – as traders ourselves – are reliable and honest. Obviously, the final choice of a broker is yours, but this would be a very good place to start.
Regulation Min Deposit
Descargo de responsabilidad Puede haber un alto grado de riesgo en el comercio de divisas y por esta sola razón, algunos inversores pueden decidir que no es adecuado para ellos. Hay un grado considerable de apalancamiento involucrado que, aunque puede trabajar en su favor, también puede trabajar en su contra. Debe tomar nota cuidadosa de su nivel de experiencia, su propósito para invertir, y cuánto riesgo está preparado para aceptar. Es siempre posible que usted podría perder una parte, o incluso todos, o su inversión inicial, y se sigue que usted debe nunca invertir cualquier dinero que usted no puede permitirse para perder. Esto se aplica a cualquier forma de inversión. Hay ciertos riesgos asociados con el comercio de divisas, y si tiene alguna duda, debe tomar el asesoramiento de un asesor financiero independiente.
Cualquier opinión ofrecida en FXHQ son opiniones de autores individuales, y no necesariamente coinciden con las opiniones de FXHQ o la dirección de la empresa. Los errores y las omisiones pueden ocurrir en declaraciones hechas por, u opiniones expresadas por, autores individuales, y usted debe observar que FXHQ no y no ha verificado la exactitud o de otra manera de tales opiniones o declaraciones. FXHQ no ofrece asesoramiento en materia de inversiones y, en consecuencia, cualquier información de este sitio web, incluidos informes de prensa, opiniones, precios, investigaciones y análisis, se ofrece como comentario al mercado y no constituye asesoramiento especializado en inversiones, ya sea ofrecido por FXHQ, sus empleados , Socios, autores u otros colaboradores. Al considerar cualquier inversión, siempre debe hacer su propia diligencia debida. FXHQ, sus empleados, socios, autores o contribuyentes, no aceptarán y no aceptarán responsabilidad alguna por cualquier pérdida o daño sufrido por usted por cualquier decisión de inversión que pueda tomar por el uso de cualquier información proporcionada. Esto incluye cualquier pérdida de beneficios, sin limitación.
& Copy; 2017 "FXHQ INC. FOREX HeadQuarters" Todos los derechos reservados.
R1 million Discretionary allowance
In terms of South African Reserve Bank Exchange Control, South African residents are entitled to 2 allowances:
R1 million discretionary allowance (DA) – this allowance may be used for foreign investment without having to obtain tax clearance (a tax number is required), as well as; travel, gifts, loans, studies and alimony.
R10 million foreign Investment allowance (FIA) – this allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and to obtain tax clearance from South African Revenue Services (SARS) before proceeding.
South Africans living abroad who have not formally emigrated in terms of exchange control are entitled to make use of the R10 million foreign investment allowance but not the R1 million discretionary allowance. For example, you left South Africa to go work in Australia for 2 years on a contract and ending up staying and 10 years later you are still living in Australia. You never formally emigrated in terms of exchange control; you are considered a South African Resident temporarily abroad and entitled to the R10 million foreign investment allowance. In order to send funds overseas for example, from the proceeds of a property sold or an inheritance you have received you will be required to make use of your R10 million foreign investment allowance or formally emigrate.
FX Capital can assist you with getting your tax affairs up to date, even applying to have your tax number re-activated and then obtain tax clearance in order to send funds overseas.
We can also assist with your emigration.
Read to emigrate or not to emigrate for an explanation on the difference between emigration and South African resident in terms of South African exchange control.
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Frustration over tax clearance for foreign allowances
Despite exchange control relaxation, nothing has changed, says industry.
Ingé Lamprecht | 16 April 2017
JOHANNESBURG – Although exchange controls were relaxed earlier this month, some industry players say Sars’ procedures still leave them in the same position they were before: that is they get tax clearance on amounts up to R4 million – within a few days – but are referred for audit where amounts exceed R4 million.
In the February Budget Review, National Treasury indicated that South African residents’ (individuals only) foreign capital allowance would increase from R4 million to R10 million per calendar year from April 1 this year.
This created the expectation among several industry players and applicants that tax clearance for the increased amount could be obtained in the same fairly quick fashion, as was the case for the R4 million limit. Taxpayers need a tax clearance certificate to convert their rands to foreign currency.
Moneyweb understands that tax clearance certificates were issued within two to seven days for applications up to R4 million.
Where larger amounts were involved (South Africans could externalise amounts in excess of R4 million before April 1) a tax audit was done and it could take several months to obtain a tax compliance letter.
However, a number of industry players say the current Sars process effectively leaves them in the same position they were before April 1 – when an application for more than R4 million is made, the application is referred for audit.
In an e-mail sent to clients, Peregrine FX says it has been advised by The South African Revenue Services that their systems are unable to process these applications successfully.
“The opinions and discussions between The South African Reserve Bank / The South African Revenue Service and The Department of Finance as to the way forward are still proceeding and during this time, we have approached The South African Reserve Bank with a urgent request to explain the way forward.
“With no clear procedure in place at The South African Revenue Services, this leaves us in the unfortunate position that no application (over and above R4 million) can be processed,” it wrote.
Nico le Roux, chief executive officer of Incompass Group, says they submitted the first few applications for R10 million last week and Sars indicated that its systems weren’t 100% ready for these applications, but that it would “override” the issue this week.
The applications were resubmitted this week, but problems persisted.
Le Roux says it is unclear whether this was an isolated issue, but the submissions were made to the same person who usually deals with tax clearance applications.
He expects the issue to be resolved within the next two to four weeks.
Wichard Cilliers, chief dealer at TreasuryOne, says their applications for R10 million were also treated as they were before April 1.
Matt Lawson, director for South Africa at Exchange4free, says the R4 million applications and below still have the same requirements and are relatively easy to attain provided the client’s tax affairs are in order.
Any applications above the R4 million threshold are treated as applications to exceed allowances. This is irrespective of the clearance being for R10 million or R100 million, and these applications are sent off to an executive and all clients are open to full audit, he says.
Lawson says the South African Reserve Bank (Sarb) and Treasury have increased the allowances but Sars processes still remain the same and the R10 million allowance is yet to be streamlined.
“Our dealings with Sars certainly indicate that this will change and they will amend the application process accordingly but only time will tell I suppose,” he says.
Lawson says the major issue on the new R10 million allowance is turnaround times. Essentially the R4 million allowance is issued within reasonable time but at this stage they have no indication on the issuing times for the new R10 million clearance.
Ernest Mazansky, head of tax at Werksmans Attorneys, says the issue is a temporary glitch.
“I think Sars heard about it the same time that the rest of us heard about it [the change from R4 million to R10 million) which was on Budget day and they haven’t managed yet to update their IT systems,” he says.
He believes it will be sorted out in the next couple of weeks and that South African individuals would be able to get a tax clearance certificate for up to R10 million in the same way as they did for R4 million, without triggering an audit.
Luther Lebelo, executive: employment relations at Sars, says Sars does process all applications for clearance whether they are for amounts below or above R4 million.
“Sars does though do a more substantial review when the amount exceeds R4 million. The purpose of these reviews is to ensure that the person applying for the Foreign Investment Allowance is tax compliant and has declared the correct income,” he says.
On completion of the review a letter of compliance is issued (as opposed to a tax compliance certificate for cases below R4 million) for cases above R4 million, Lebelo says.
Mark Kingon, group executive: operational service escalations and support at Sars, says in all matters pertaining to Foreign Investment Allowances, Sars must ensure that the person is fully tax compliant before approving a clearance for the funds involved.
“These risks are determined for all cases whether below R4 million or not. Very importantly Sars will continue to apply processes in a manner which best deals with the risk related to the matters.”
Kingon says Sars processes all applications for Foreign Investment Allowances regardless of the amount involved. There is a standard operating process internally dealing with this.
In the process, Sars applies various risk rules with the aim of identifying possible leakages in the South African tax base. The risk rules applied during this process are not all necessarily dependant on the threshold set for exchange control purposes, he says.
All cases, irrespective of the amount involved are submitted at a Sars branch on the form FIA001. For cases below R4 million a tax clearance certificate is issued and printed off the Sars system when it is approved. These certificates are collected at a Sars branch, he says.
Similarly, for cases above R4 million, once approved, a tax clearance certificate is also issued, the only difference being that the certificate is issued by way of a letter by the Sars Case Selection team and is sent by e-mail to the client, he says.
Once issued, the tax clearance certificate can be presented to the applicant’s Commercial Bank for processing, he says.
“It is important to note that the purpose of the rules relating to the Foreign Investment Allowance are directed toward protecting the South African tax base. These rules remained the same despite that the foreign exchange allowance changed.
“Sars continually reviews the risk rules and when Sars is comfortable to adjust the rules Sars will adjust the rules, but until then the rule remains the same,” he says.
Forex rules for individuals simplified
Cape Town - Foreign exchange control rules will be simplified with individuals being allowed to receive a single R5 million foreign investment allowance per year, the National Treasury said.
This follows announcements made by the Minister of Finance Pravin Gordhan in his Medium Term Budget Policy Statement on Tuesday on investment and prudential regulatory changes, which are aimed at improving investment into South Africa.
The annual R4 million foreign investment allowance for individuals and the R1 million current single discretionary allowance would now be consolidated into a single annual R5 million foreign-investment allowance.
Other current limits applicable to individuals such as alimony, wedding and travel allowances, would fall away.
Further, in a bid to eliminate the bias against residents compared to non-residents, the Reserve Bank would also consider investments by residents and estates, for applications in excess of the R5 million allowance, subject to strict criteria related to appropriate disclosure requirements on foreign assets and income, tax compliance and market conditions.
In an attempt to lower trade barriers companies would be allowed to buy forward cover of up to 75% of their budgeted import commitments or export accruals of the coming financial year, without having to make an application to the Reserve Bank.
"Advance payments for capital goods will now be allowed for up to 50% of ex-factory cost of goods to be imported from the current 33.3%.
"Furthermore, authorised dealers will be allowed to extend previously approved guarantees. Regulations to enable more modern cross-border payments will also be implemented, for example on internet payments," said the National Treasury
Businesses would also be able to top up capital in their offshore business from South Africa and criteria would also be relaxed for corporates wishing to invest outside their current line of business.
"Transactions which result in loop structures not exceeding a threshold of 20% equity, and/or voting rights whichever is higher, in the foreign target entity, will be processed by authorised dealers without the need for prior approvals," said the National Treasury.
On Tuesday, Gordhan proposed that all inward listed shares on the JSE be classified as "domestic" and that ownership restrictions on international participation in foreign exchange bureaus be removed.
These and other investment and prudential reforms are aimed at promoting investment into South Africa by encouraging capital markets development, enabling more competition and reducing the cost of doing business.
Gordhan noted that the Reserve Bank, the Financial Services Board ("FSB") and the Johannesburg Stock Exchange (JSE) would provide more details after his announcement.
The Reserve Bank and the JSE have already published their first set of details, but will be publishing more details in the next month, the National Treasury said.
With the festive season just around the corner we, you may be wondering what the best time is to convert your South African rands to foreign currency. This time of year, people are spending more than any other time of year. There are holidays, car repairs, Christmas presents and New Year’s parties to plan, and come the new year, you have to budget for school fees, stationery, uniforms and don’t forget about the dreaded annual increases of most every account and subscription out there. What does this mean for consumers? Sadly the news isn’t great – the South African currency has now endured its longest run of quarterly losses on record and many commentators expect it to extend into the year-end and beyond. A stronger US dollar, coupled with the economic slowdown in China (South Africa’s largest trading partner) have all contributed to the current state of affairs. Locally the drought is expected to have a major impact on food prices, and a worsening deficit. So what lies ahead? Obviously we can’t predict currency movements, but at this stage it’s difficult to identify factors that will reverse the decline. Should the US delay the tightening of interest rates the impact may be positive for the rand as could an improvement in economic numbers from China, because it would likely lead to an increase in demand for South African commodities. Unfortunately however, neither of these seems likely which could leave us exposed to further adjustments. Traditionally Christmas is a time of thin liquidity in foreign exchange markets which can itself lead to rate volatility, so it’s important to keep up.
If you’re sitting abroad and still have money you want to transfer from South Africa, you need to act fast if you want it to happen this year! South Africans living abroad should take heed of the annual transfer allowance deadlines which are fast approaching. If you need a little extra cash for the festive season or a financial boost in the new year, it’s imperative you act immediately to get the ball rolling. Exchange control regulations stipulate how much South Africans living abroad can transfer offshore each year. Since these are annual allowances, you won’t be able to defer your 2017 allowance to next year, when the 2017 allowances will apply. Transfer allowances for South African emigrants There two types of allowances – a Foreign Investment Allowance (FIA) and the Single discretionary allowance (SDA). The SDA can be used every year if you’re a resident of South Africa and in the year that you leave the country, but ordinarily not in subsequent years. However as a Reserve Bank approved foreign exchange intermediary we can make a special application to utilise this allowance which makes it quite straightforward to transfer amounts of less than R1M. Annual allowance deadlines 20 November 2017 – FIA Amount: R10 million Who can use it: available to South African residents and non-residents Transfer requirements: tax clearance certificate and green bar-coded ID document 30 November 2017 – SDA Amount: R1 million Who can use it: available to South African residents each year and overseas residents in the year they leave SA Transfer requirements: green bar-coded ID document 7 December 2017 – SDA-special application Amount: R1 million.
Unless you work in finance or travel frequently, you probably don’t have a good idea how foreign exchange works. And if you’ve only recently emigrated from South Africa or are planning on travelling abroad, knowing forex basics is a must especially when moving your money abroad from South Africa. But, of course, most of us don’t like to admit what we don’t know. So here’s a few pointers to help you along the way. Moving money abroad from South Africa How much money is that money? Asking the question above is basically just a dumbed down explanation of forex – because if you exchange your rands for pounds, you are simply ‘buying’ those pounds. The exchange rate is the value of one form of currency in another. Exchange rates help us determine the value of items in different countries. And since most currencies rely on local printing and minting (the South African Mint Company and South African Bank Note Company in SA), those notes and coins will not be available offshore. It therefore goes without saying that your money needs to be exchanged for a local currency. How much money is that gold? It all started in the good old U S of A. Although bartering has existed for millennia, once currencies came about, countries backed these currencies with actual gold. This means that the money printed by a country represented the real value of gold held in the government’s vault. In the 1930s, the value of an ounce of gold was $35, and since everyone knew what the US dollar was worth the rest of the world compared their.
South Africa is one of the few countries that continues to operate an exchange control system and it seems unlikely that it will disappear any time soon. So what does it mean for you? Well, most importantly, all transfers of money out of South Africa must comply with the regulations as set out by the Reserve Bank – any breach is deemed a criminal offence so it’s important to do things right! For example, did you know that simply using a South African debit or credit card overseas, without authorisation from the issuing bank, could potentially land you in hot water? The reason being that the effective transfer of money out of the country does not comply with exchange control regulations; in short you’re moving funds without approval. A lot of people unwittingly come unstuck with this sort of thing and the financial penalties can be severe. Exchange control also affects the if, how and when you can and should move the proceeds of your South African bank account, investments, property, pensions, trust etc, out of the country. It’s complex and getting the correct advice ensures you comply and maximise the bottom line in your local currency. To do it right why not talk to us – a consultation with a specialist at cashkows. com is completely free of charge and without obligation. We’ll assess your situation and provide a solution that ensures you achieve your financial goals. At the same time we’ll also explain how to transfer money turn your retirement annuities into cash, position yourself to receive South African source inheritance in the future, maximise tax opportunities etc.
When’s a good time for South Africans living outside the country to get their financial affairs in order, to cash-in their unclaimed policies and retirement annuities and to think of the day after tomorrow? Most of us keep a to do list to help remember not to forget to do things – all kinds of day-to-day things – as well as tidying up things in South Africa. The latter however is some 10,000 kilometres away and if not done today can wait another week or so. Can it really? If a to do read like -“transfer R500,000 from South Africa” – would it too slip down the list and stand over week after week until you’ve surfaced from your time deprivation? Who can really wait another week if there was half a million Rand, or a hundred thousand for that matter, waiting to be transferred because I am busy? “Make meeting with bank manager” will never be overlooked because we’re talking money! Why then keep the Association of Investment in South Africa’s members waiting – because they have more than a billion Rand waiting to transfer to South Africans who live all over the world. All policyholders need to realize is there’s no time like the present! There’s no need to put ”contact ASISA” on the to do list – take the bull by the horns, right here right now, and find out first hand whether you still have an orphaned policy with your name on it in South Africa. Because if there is – you have money coming your way, which you didn’t know about, or is there.
What we do
Inter Africa Bureau De Change is licensed by the South African Reserve Bank as an Authorized Dealer in Foreign Currency with Limited Authority (ADLA).
Under our license we can process transactions for individuals, related to their Single Discretionary Allowance, as prescribed by the Exchange Control Rulings.
Residents over the age of 18 years may be permitted a single discretionary allowance within an overall limit of R1,000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, to cover the following discretionary allowances:
Donations to Missionaries
Maintenance Transfers
Monetary Gifts and Loans
Travel Allowance
Study Allowance
Inter Africa Bureau De Change can also approve applications by firms/companies for Omnibus Travel Facilities up to R10 million per calendar year, for allocation at the discretion of the firm/company.
Conditions for the provision of foreign exchange to people traveling on a passport (local):
A passenger ticket or the name of the border post from where the traveler will exit South Africa must be provided
Foreign exchange may not be issued more than 60 days prior to date of departure
A valid passport must be provided
Proof of residential address must be provided
The amount applied for must be within the annual travel allowance
All unused foreign exchange must be resold to an Authorized Dealer or ADLA within 30 days upon return to South Africa.
Foreign exchange may only be used for the purpose for which it was provided
Conditions for the provision of foreign exchange to people working in the local Tourism and Hospitality Industry :
Proof of residential. This can be a letter from the lodge where the individual work which state that he/she lives there/have a "live in" posición
Green bar coded ID document OR a valid drivers licence
Foreign Individuals
Valid Foreign Passport
PRODUCTS & SERVICES
sale and purchase of foreign bank notes
sale and purchase of travelers cheques
sale of Travel Wallet
sending and receiving of telegraphic transfers
forex collections from businesses with B21 exemption
online ordering applications for additional travel & omnibus allowances
the attestation of Form NEP.
Foreign Bank Notes
We offer all the major currencies, and with prior notice, are often able to avail of the more exotic currencies.
Telegraphic Transfers (TT)
A telegraphic transfer is a transfer of funds between banks and it takes three working days for the funds to reflect in the foreign bank account. TT’s can be used to pay Land Arrangements or to avail of ones Travel Allowance.
We can receive incoming TT’s, send by foreigners for advance payment of travel related expenses. Standard Bank South Africa facilitates all our TT’s.
For ex Collections from Businesses with B21 Exemption
Inter Africa Bureau de Change can apply on the behalf of travel agents, hotels, restaurants, shops and other persons, whose business is directly related to the tourism industry, to the South African Reserve Bank for B21 exemption. B21 exemption enable businesses to accept foreign bank notes and foreign currency travelers cheques, from visitors to the Republic, in payment of goods supplied and services rendered, against a written undertaking that such foreign currency will be sold to an Authorized Dealer and/or an ADLA not later than the following business day after acquisition thereof.
&toro; All foreign exchange will be collected from the business premises. &toro; Easy hassle free sale of the forex at competitive rates. &toro; The proceeds of sales can be deposited directly into the bank account of the Business.
This product enables our cross border transport clients to manage their forex needs in their own time and convenience. The application enables the following:
&toro; Order of foreign currency. &toro; View updated exchange rates. &toro; View the current balance on your account. &toro; View of historic transactions. &toro; Monitor orders from pending to completed
Impuesto sobre la renta
Until 1st January 2001, a ‘source-based’ tax system was in use, meaning that tax was payable only on income from (or deemed to be from) a South African source.
Since then, however, South African residents have been taxed on their worldwide income. This includes the income of a foreign-controlled company. Certain types of income from outside South Africa are exempt and credit is allotted for foreign taxes paid. Non-South African residents, however, are still taxed only on South African-source income.
Individuals are deemed to be resident in South Africa for tax purposes if they normally live in the country or are in South Africa for more than 183 days a year. Each individual is taxed separately in South Africa, with no distinction between male and female, or between married and single people.
The tax year is 1st March to 28th (or 29th) February. Tax is payable in instalments by companies, close corporations and those individuals who are classified as provisional taxpayers (e. g. directors of companies and members of close corporations). Individuals make two provisional payments based on estimated tax liability (in relation to previous years’ payments): the first due six months after the beginning of the assessment year (i. e. by the end of August), the second at the end of the assessment year (by the end of February).
Late payment results in a penalty and interest is payable. If the total paid is less than the amount due, a final payment must be made within seven months of the end of the assessment year (i. e. by the end of September). Interest (non-deductible) is due on the shortfall at a decreed rate (currently 11.5 per cent). If the amount paid exceeds the amount due, the overpaid amount is refunded and interest on is paid to the taxpayer – but at a considerably lower rate (currently 7.5 per cent) –. The interest is taxable for resident taxpayers!
Employees’ tax is deducted at source (‘Pay-As-You-Earn’) and paid by employers the tax to the authorities monthly. The tax thus deducted is a credit against the employee’s total tax liability as assessed by his or her annual tax return. Under the SITE system (Standard Income Tax on Employees), people earning under R74,000 (€7,640) per year aren’t required to file an annual income tax return, and the tax deducted from their salaries constitutes their total and only liability for tax.
Income Tax Rates
Income tax rates for the assessment year ending February 2011 are as follows:
Taxable Income (R)
A primary rebate of R10,260 (€1,059) is available to all individuals for the tax year ending in February 2010, and a secondary rebate of R5,675 (€586) is available to those over 65.
The trusts' Rate of Tax is of 40%.
Dividends & Interest
Local dividends from all companies and distributions from all close corporations are exempt from tax. Foreign dividends received by South African residents with a holding of less than 25 per cent in the company declaring dividends are usually taxable. The first R22,300 (€2,302) of interest and non-exempt foreign dividends received by individual resident taxpayers under the age of 65 is exempt from tax. The exemption rises to R32,000 (€3,304) for resident taxpayers aged 65 or over. The first R3,700 (€382) of the exemption applies to foreign dividends.
Foreign dividends qualify for tax exemption in the following circumstances:
If dividends were received by shareholders holding certain minimum holdings, currently 25 per cent;
If dividends were declared by listed companies in which South African residents have at least a 10 per cent holding;
If dividends were declared out of profits already subject to South African tax.
Interest paid to non-residents (other than those who are residents of Lesotho, Namibia and Swaziland) is generally exempt from tax. In order to qualify, a non-resident must be absent from South Africa for not less than 183 days during the assessment year.
Tax is levied at 20 per cent on monthly gross interest, non-exempt foreign dividends and net rental received by or accrued to pension, provident and retirement annuity funds.
SouthAfrica. info
South Africa relaxes exchange controls
28 October 2009
South African Finance Minister Pravin Gordhan has announced the further relaxation of exchange controls in a bid to reduce the cost of doing business in the country and attract more foreign investment.
Presenting his Medium Term Budget Policy Statement in Parliament in Cape Town on Tuesday, Gordhan said the foreign capital allowance for residents, which was last adjusted in 2006, would be increased from R2-million to R4-million, while the single discretionary allowance would be increased from R500 000 to R750 000.
To improve access to domestic credit in the financing of local foreign direct investment, restrictions on the granting of local financial assistance to affected persons have been further liberalised, with the doing away of the 3:1 ratio.
Among a number of proposed reforms to cut red tape relating to business transactions, is a plan to allow South African companies to invest in Southern African Development Community (SADC) member states through offshore intermediaries.
Other proposals, which the South African Reserve Bank will soon provide more details on, include increasing the current R50-million limit for company applications to undertake outward investment, to R500-million.
The Reserve Bank will also consider removing the 180-day rule requiring companies to convert their foreign exchange into rands. However, South African companies will still be required to repatriate export proceeds to South Africa.
There is also a proposal to do away with the R250 000 limit on advance payments for imports, and another to allow South African companies to open foreign bank accounts for permissible purposes without prior approval, subject to reporting obligations.
Also being considered is a plan to replace the current paper-based monitoring system for exports – through Form F178 – with a more efficient electronic system.
About 2 000 people handle more than two million calls a month at the Absa contact call centre in Johannesburg (Photo: Chris Kirchhoff, MediaClubSouthAfrica. com )
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Goodbye to exchange control in South Africa?
With the recent increase in the annual foreign investment allowance it’s now possible for a married couple, whose tax affairs are in order, to transfer R22M out of South Africa each calendar year. The foreign investment allowance has increased from R4M to R10M and the discretionary allowance remains at R1M, but there are now no sub-categories; the funds can be used for “any legal purpose”. There is no restriction over the movement of money between spouses.
For 99% of us this means that exchange control as we used to know it has effectively gone!
There is still a process to be followed, at the heart of which is tax; for transfers via the R1M discretionary allowance a simple declaration that your tax affairs are in order and up to date suffices, however transfers for larger amounts, via the foreign investment allowance, require actual proof of a compliant tax record with SARS, in the form of a tax clearance certificate. Basically, once you’ve evidenced the fact that you don’t owe the country anything, you’re free to transfer.
But take note, a breach of the regulations is deemed a criminal offence and can result in stiff financial penalties, so it’s always important to do things right.
When it comes to moving money out of South Africa let us call you for a solution that is complete, competitive and compliant.
Leave a comment
South Africa / Currency allowance
Expert: Freda Andrew - 10/23/2011
Question Hi, I jusr read on your site in response to someone's quey as to how much cash can bought in to SA
'Let me answer your question about foreign currency restrictions by telling you that there are no restrictions in this regard in SA. My suggestion is that you bring most of your money for the trip in the form of credit cards and travelers
Howewver, I read on IATA
Currency Import regulations: Allowed RESIDENTS: local currency (South African Rand-ZAR): ZAR 5,000.- in S. A. Reserve Banknotes; foreign currencies and traveller's cheques: unlimited, provided declared upon arrival. NON-RESIDENTS: local currency: ZAR 5,000.- in cash. foreign currencies and traveller's cheques: unlimited, provided declared upon arrival.
Currency Export regulations:
Due to our travel being in remote areas witout ATM access, we had planned to bring in a large amount of ZAR so please, who is right?
Answer Good Day Andy
Thank you for your question,
I don't know that we gave you the first answer that you quote, but the IATA reference is more reliable. There are international restrictions on the movement of hard currency and South Africa has fairly stringent regulations and laws against money laundering etc. You can exchange your foreign currency at our international airports and the same applies to traveller's cheques. I suggest you talk directly with a forex expert at ABSA Bank, Standard Bank or First national Bank in South Africa. The web addresses are absa. co. za, standardbank. co. za and fnb. co. za
Where exactly are you going in South Africa that is so remote? Carrying too much cash irrespective of the currency is not really the best way to travel here.
Artículos relacionados
South Africa. Employees’ Tax - Travel Allowances And Reimbursements
Most employers are aware that a travel allowance may be granted to an employee where it is anticipated that the employee will be required to undertake business travel by virtue of the duties of his/her employment and that a travel allowance should not be merely used as a mechanism to reduce an employee's employees' tax ("PAYE") liability.
However, the South African Revenue Service ("SARS") has in some instances issued employees' tax assessments in respect of travel allowances granted to employees on the basis that, in order to qualify for a travel allowance, an employee must in fact have travelled on business. SARS is further of the view that where employees who received travel allowances were also able to claim a reimbursement for business mileage (typically on a rate per kilometre basis) and he/she did not do so, it may be concluded that an employee did not in fact travel on business. In these circumstances, it is then reasoned that the employee's travel allowance does not fall within the ambit of section 8(1) of the Income Tax Act, 1962 ("Act") and that consequently the full amount of the travel allowance should have been subject to PAYE.
There are two aspects to the above argument. Firstly, is it a requirement when granting a travel allowance to an employee that the employer must ensure that that employee does in fact travel for business purposes? The second aspect is whether it is reasonable to conclude that an employee who received a travel allowance but did not submit a claim for business mileage, did not travel for business purposes and that such employee's travel allowance accordingly does not fall within the ambit of section 8(1) of the Act.
Currently, 80% of a travel allowance is subject to PAYE. However, in earlier tax years which may still be under review by SARS, this percentage was as low as 50% or 60%. Should it be found that the allowance did in fact not qualify as a travel allowance as envisaged in the Act, the potential exposure to the underpayment of PAYE could be significant.
Requirement to travel for business purposes
Section 8(1)(a)(i) of the Act provides for an inclusion in the taxable income of the recipient of any amount which has been paid or granted as an allowance or advance by his/her principal, excluding any portion actually expended by that recipient, inter alia, on travelling on business. Section 8(1)(a)(i) therefore deals with an individual taxpayer's final tax liability in respect of an allowance or advance granted by a principal (employer).
Section 8(1)(b) of the Act provides that any allowance or advance "in respect of transport expenses" shall, to the extent to which such allowance or advance has been expended by the recipient on private travelling (including travelling between his place of residence and his place of employment or business or any other travelling done for his private or domestic purposes), be deemed not to have been actually expended on travelling on business.
Section 8(1)(a)(i) does, in our view, not require that an employee must have travelled for business purposes or account to his or her employer for actual business travel undertaken in order for the allowance granted to him to qualify as a travel allowance. There is furthermore no requirement imposed by legislation on an employer who grants an employee a travel allowance to monitor the use of this allowance by the employee.
This is confirmed in SARS Interpretation Note No.14 (Issue 2) which states that an allowance is an amount of money granted by an employer to an employee in circumstances where the employer is certain that the employee will incur business-related expenditure but where the employee is not obliged to prove or account for the business expenditure to the employer.
We maintain that a travel allowance may be given to an employee on a prospective basis having regard to the reasonably anticipated business travel requirements of the employee's position, without the employer being required to confirm whether or not the employee actually travels for business.
Reimbursive fuel claims
Where an employer's travel allowance policy also allows those employees who receive travel allowances to submit reimbursive fuel claims at a rate per kilometre for business travel, submission of these claims by the employee is typically optional.
The fact that an employee may not have claimed a per kilometre reimbursement in respect of his or her business travel does not imply either that such an employee was not required by the nature of his duties of employment to travel on business, or that he/she did not in fact travel on business.
In practice, it is often the case that employees who travel for business purposes choose not to submit a claim for a fuel reimbursement in addition to their fixed monthly travel allowance because it is not worth their time and effort to do so. Also, the requirement to keep a log book was only introduced in the 2010 tax year. Prior to this, most employees used the gazetted tables to calculate their allowable travel allowance deductions in their annual tax returns. It was therefore not necessary to keep a record of actual business travel.
It therefore cannot be said that employees who received travel allowances but who choose not to submit reimbursive fuel claims, did not in fact travel for business purposes.
In addition, whether or not a reimbursive fuel claim was submitted by an employee should, in our view, not be regarded as a criterion to be applied with hindsight as to whether the employee qualified for a travel allowance.
Provided that the employer duly applied its mind whether to grant a particular employee a travel allowance based on the business travel requirements of his/her job and not, for example, as an automatic benefit by virtue of his/her position within the organisation, a travel allowance granted on this basis should be regarded as an allowance in respect of transport expenses as envisaged in section 8(1)(b) of the Act.
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Forex allowance: will it stay or will it go?
I’m not a betting man, but if I were, I would be wagering a small amount of money that the foreign investment allowance for individuals is currently under review.
At present there are strong rumours swirling around in local financial circles that this allowance, currently R10 million per year per individual, could be reduced or, under extreme conditions in financial markets – such as a downgrade of SA’s global ratings by the international credit ratings agencies – could be scrapped altogether.
The existence of a foreign investment allowance and the sharp increase from R4 million to R10 million – as announced in last year’s budget – did not sit well with the powerful allies of the ANC in the tripartite alliance, namely the South Africa Communist Party (SACP) and the Congress of South African Trade Unions (Cosatu).
Cosatu in particular has been gunning at a number of features of the current ANC policies, including the introduction of a minimum wage, the banning of labour brokers and the foreign ownership of property in SA.
The recent postponement by government – to the absolute dismay of the financial services industry – of certain features of the Tax Administration Act. shows once again the enormous sway that Cosatu still holds over the governing party. This comes less than two weeks before the new regulations with regards to provident funds and pension funds would have come into being.
Investment companies have spent tens of millions of rands changing their administration systems to cope with the new laws, only to be informed by a red-faced Mininster Pravin Gordhan that the most controversial issue of the proposed legislation – the annuitisation of provident money into the future – will be postponed by two years. You can bet half your pension that this clause will not see the light of day.
Foreign ownership of land
The issue of land ownership – not only farms but all types of property – by foreigners, has long been a campaign issue for Cosatu. The announcement by President Jacob Zuma in his 2017 State of the Nation speech that legislation will be introduced later this year to prohibit future ownership of farms by foreigners comes straight out of the Cosatu handbook.
According to Cosatu, restricting ownership of farms to foreigners does not go far enough. It should extend to all kinds of properties held by foreigners and should be retrospective in nature. In other words foreigners should be stripped of their SA properties.
In response to the 2017 Budget, in the 2017 May Day special edition of its Shopsteward magazine, Cosatu had the following to say on this issue: “The policy (of restricting foreign ownership of property) is radical because it deviates from the neo-liberal economic view that developing countries should protect private property in order to attract foreign investment. Furthermore the policy might result in SA being classified as business unfriendly. Therefore the policy should be applauded because it is in the national interest and not foreign interest.”
It continues (in the same document): “The policy should apply to all land and not only agricultural land…. It is not clear why non-agricultural land has been excluded.”
This viewpoint flies in the face of the annual assertion by the SA contingent to the World Economic Forum that “SA is open for business,” as Zuma and his entourage tried to claim again earlier this year. On the one hand it wants foreigners to invest in SA; on the other hand it wants to ban foreign ownership of farmland and possibly in the future all kinds of property. No wonder foreign direct investment into SA dipped by 74% last year.
Cosatu has also been a strong driver in the campaign to limit the ownership of farms to 12 000 ha per individual in SA, with any excess farmland to be bought by government with the aim to redistribute it.
Financial controls under the spotlight
In the same Cosatu document one Khwezi Mabasa, under the title “Response to the Six Myths on the Post-Apartheid Political Economy” sharply criticises the government for its “enhanced financial liberalisation, which has allowed capital to flow freely in and out of the country, and diminish the State’s capacity to regulate financial transactions.” In a clear directive he calls for enhanced regulation (prescribed assets anyone?) and to introduce exchange controls.
The SACP, the third leg of the Tripartite Alliance with the ANC, has long been campaigning for a re-introduction of exchange controls, the introduction of prescribed assets to fund social projects and even the re-privatisation of Sasol, among other things.
Money has been flowing out of SA quite consistently and steadily over the past few years, as the decline in rand picked up speed and offshore markets started to offer better returns.
But since the events of the now infamous Nenegate in December last year, the outflow of money has turned into a raging torrent, as investors, both local and foreign headed for the exits. That partially explains the collapse in the currency from around R14 on the December 12 to almost R18 a week or so later. The rand has recovered from its massively oversold positions since then but even at current levels of around R15.50, it’s still almost 30% weaker than a year ago.
I tried to get an idea of the extent of the outflow from the South African Reserve Bank but was told that such information is confidential.
Therefore I had to rely on a quick whip-around among fellow investment advisers and fund managers who confirmed the massive rush of capital heading out of the country. Each and every one confirmed the extent of the almost frenetic search for dollars, pounds and even euros.
Fund managers too have confirmed that many of them are bumping up against the maximum offshore exposure allowed in terms of Regulation 28, which controls foreign exposure, and have had to stop taking in new money for their offshore feeder funds.
Stanlib, for example, has been forced to write to its clients in retirement annuities and preservation funds that if they don’t rebalance their portfolios that are in breach of Regulation 28, Stanlib will do it on their behalf and place the money in a money market account, such is the pressure on them from higher up.
Local investors who have not yet utilised their full annual foreign investment allowance of R10 million might get a stay of execution in the budget this week.
However, I will definitely double up any bet should SA receive a downgrade sometime in the next six to 12 months. Then, as far as I’m concerned, the scrapping of the foreign investment allowance will be a dead ‘cert, as they say in gambling circles.
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Blog Amazing things that bring positive results
New simplified forex rules to attract investment into South Africa
The National Treasury has announced some dramatic changes to exchanges control in a bid to improve the South African investment climate. One of the most prominent features of the new regulations is the simplification of the forex control limits for individuals. These will allow individuals to make foreign investements of up to R5 million per year and even above that amount with permission from the Reserve Bank. This development is the result of the consolidation of the R 4 million foreign investment allowance, the R1 million current single discretionary allowance and other small allowances. The only question that still remains unclear in this regard is how much discretion the Reserve Bank will have to grant such approval according to the new regulation.
New forex limits and regulations were also introduced for South African companies, in particular importers and exporters, and are aimed at cutting the red tape associated with conducting cross-border business. The National Treasury has said that authorised dealers will now be allowed to extend previously approved guarantees and businesses will be able to top up capital in their offshore business from South Africa as well as enjoy more relaxed criteria should they wish to invest outside their current line of business. Finally, all inward shares listed on the JSE will now be classified as “domestic” thereby allowing listed foreign companies to be treated on the same basis as domestic companies when it comes to raising capital on the South African market.
Servicios
Servicios de Forex
Transactions involving the flow of funds in and out of South Africa for individuals utilising their foreign investment allowance (FIA) and/or discretionary allowance, or settlement of invoices for services rendered.
As an additional service to our clients who have Investec Corporate Cash Manager accounts, we act as an intermediary to facilitate foreign exchange transactions. These transactions include foreign investment allowance (FIA) and discretionary allowance or settlement of invoices for services rendered. This service allows outgoing and incoming funds to flow directly either from or into clients’ corporate cash manager accounts. As intermediaries, we ensure that clients submit the correct compliance documentation for forex transactions as required by the South African Reserve Bank, assist with tax clearance if applicable and conclude spot/forward transactions with Investec.
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Unit 1 & 2, Canal Edge 1B, Tyger Waterfront, Carl Cronje Drive, 7530, South Africa
PO Box 3033, Tygervalley, 7539, South Africa
An authorised financial services provider. FSB No. 19872. Meq Capital (Pty) Ltd. Reg. No. 2004/033498/07
Copyright 2017 Meq Capital (Pty) Ltd. All rights reserved.
FX al por menor
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South African FX Immigration Continues, Markets. com Gains FSB License
Introduction to Forex Trading in South Africa
Forex Trading History in South Africa
Retail over the counter Forex trading in South Africa started 16 years ago when local companies started offering Forex trading facilities to self directed traders using offshore brokers. At that time there were no regulations or restrictions prohibiting individuals or companies from starting their own online company. Sadly however, most companies eventually led to spectacular failures that cost South African Forex traders and investors hundreds of millions of Rands. This situation however was not unique to South Africa and similar fraud and greed occurred in most countries in the western world, forcing authorities to regulate these institutions more stringently. It is therefore necessary and prudent for traders to check that the brokers they choose to deal with, are regulated in their respective countries and offer protection to traders and investors should that company close down.
Forex Trading Regulation in South Africa
Forex trading in South Africa is regulated by the FSB, the UK by the FAS and the US by the CFTC and FTA. Europe and other countries have their own regulatory authorities.
Is Forex Trading in South Africa Legal?
It is perfectly legal for individual South Africans residents to trade the Forex Market, either through a local or overseas broker. When trading through a local broker it is possible to trade with a rand denominated currency. The local platforms are not that great because the spreads are far wider than the offshore brokers. Trading Forex is available from brokers or platforms and through the futures market with SAFEX or Global Trader (GT24/7). These institutions are suitable for corporations or individuals who are unable to invest funds offshore due to exchange control regulations in force in South Africa.
Your Annual Foreign Investment Allowance
The current annual investment allowance for South African residents is R4,000,000 (four million). This allowance is available to South African Tax Payers over the age of 18 years and can be invested in offshore investments, property, bank accounts or other types of investments. Tax payers may only invest offshore once they have obtained a tax clearance from SARS (South African Revenue Services). SARS will also only issue clearance certificates to residents who are registered tax payers and whose tax liabilities are up to date and can prove the source of the funds they wish to invest offshore. Funds may only be transferred through your bank by presenting your clearance certificate from SARS and requesting your bank to do the transfer for you. Banks and other financial institutions are obliged to establish the validity for offshore funds coming into or leaving the country and report to the South African Reserve Bank. Due to the limited facilities of trading platforms most individual traders elect to trade through an offshore broker, using the above procedure to transfer their funds to the brokers.
Limited Local Trading Facilities
Due to reserve bank regulations it is almost impossible for local financial institutions to offer true spot Forex retail trading facilities as the major Forex clearing houses are all based offshore, thus prohibiting the local institutions from complying with daily settlement regulations. Offshore Forex brokers are reliant upon major clearing houses to provide liquidity and protect the broker from unnecessary risk. Forex brokers who offer trading facilities to retail clients without the support of liquidity providers often rely upon the trader losing his money in order to turn a profit and can be prone to price manipulation, stop hunting, and slippage to ensure that novice traders soon lost most of their capital. Brokers traditionally make their money from the bid ask spread each time a trader enters a trade. The trade is then immediately passed on to one of their liquidity providers (via STP or straight through processing) who then assumes the ultimate risk should the trader make money; thus limiting the risk of the broker. This also protects the trader as the broker has no need to use unscrupulous methods to ensure the trader loses his money. The more money the trader has the more money the broker ultimately makes and the longer they both stay in the trading business. Large financial institutions like some of our top banks are forced to deal with offshore brokers to offer retail OTC(Over the Counter)facilities to South African Forex traders.
About Introducing Brokers
An introducing broker is a person or institution who earns a commission from a broker for introducing their product to other traders. In terms of the FAIS (Financial Advisory and Intermediary Services) act 2002 which became law in 2004, it is illegal for any person or institution to act as an introducing broker for an offshore broker unless, that person or institution is registered as a Financial Service Provider by the FSB (Financial Services Board)
& # 169; Copyright 2017 - FX Hometrader - All rights reserved.
Introduction to Forex
Comercio
Forex Trading History in South
Africa
Retail over the counter Forex trading in South Africa started 16 years ago when local companies started offering Forex trading facilities to self directed traders using offshore brokers. At that time there were no regulations or restrictions prohibiting individuals or companies from starting their own online company. Sadly however, most companies eventually led to spectacular failures that cost South African Forex traders and investors hundreds of millions of Rands. This situation however was not unique to South Africa and similar fraud and greed occurred in most countries in the western world, forcing authorities to regulate these institutions more stringently. It is therefore necessary and prudent for traders to check that the brokers they choose to deal with, are regulated in their respective countries and offer protection to traders and investors should that company close down.
Forex Trading Regulation in South Africa
Forex trading in South Africa is regulated by the FSB, the UK by the FAS and the US by the CFTC and FTA. Europe and other countries have their own regulatory authorities.
Is Forex Trading in South Africa Legal?
It is perfectly legal for individual South Africans residents to trade the Forex Market, either through a local or overseas broker. When trading through a local broker it is possible to trade with a rand denominated currency. The local platforms are not that great because the spreads are far wider than the offshore brokers. Trading Forex is available from brokers or platforms and through the futures market with SAFEX or Global Trader (GT24/7). These institutions are suitable for corporations or individuals who are unable to invest funds offshore due to exchange control regulations in force in South Africa.
Your Annual Foreign Investment Allowance
The current annual investment allowance for South African residents is R4,000,000 (four million). This allowance is available to South African Tax Payers over the age of 18 years and can be invested in offshore investments, property, bank accounts or other types of investments. Tax payers may only invest offshore once they have obtained a tax clearance from SARS(South African Revenue Services). SARS will also only issue clearance certificates to residents who are registered tax payers and whose tax liabilities are up to date and can prove the source of the funds they wish to invest offshore. Funds may only be transferred through your bank by presenting your clearance certificate from SARS and requesting your bank to do the transfer for you. Banks and other financial institutions are obliged to establish the validity for offshore funds coming into or leaving the country and report to the South African Reserve Bank. Due to the limited facilities of trading platforms most individual traders elect to trade through an offshore broker, using the above procedure to transfer their funds to the brokers.
Limited Local Trading Facilities
Due to reserve bank regulations it is almost impossible for local financial institutions to offer true spot Forex retail trading facilities as the major Forex clearing houses are all based offshore, thus prohibiting the local institutions from complying with daily settlement regulations. Offshore Forex brokers are reliant upon major clearing houses to provide liquidity and protect the broker from unnecessary risk. Forex brokers who offer trading facilities to retail clients without the support of liquidity providers often rely upon the trader losing his money in order to turn a profit and can be prone to price manipulation, stop hunting, and slippage to ensure that novice traders soon lost most of their capital. Brokers traditionally make their money from the bid ask spread each time a trader enters a trade. The trade is then immediately passed on to one of their liquidity providers (via STP or straight through processing) who then assumes the ultimate risk should the trader make money; thus limiting the risk of the broker. This also protects the trader as the broker has no need to use unscrupulous methods to ensure the trader loses his money. The more money the trader has the more money the broker ultimately makes and the longer they both stay in the trading business. Large financial institutions like some of our top banks are forced to deal with offshore brokers to offer retail OTC(Over the Counter)facilities to South African Forex traders.
About Introducing Brokers
An introducing broker is a person or institution who earns a commission from a broker for introducing their product to other traders. In terms of the FAIS (Financial Advisory and Intermediary Services) act 2002 which became law in 2004, it is illegal for any person or institution to act as an introducing broker for an offshore broker unless, that person or institution is registered as a Financial Service Provider by the FSB (Financial Services Board)
& # 169; Copyright 2017 - FX Hometrader - All rights reserved.
We specialize in products and services for managing foreign currency exposures and hedging instruments in corporate and small to medium enterprise environments. We facilitate excellent exchange rates and low fee structures for our clients offering unrivalled customer service and execution capability within the South African foreign exchange markets.
We assist with the following:
Importers and Exporters with their foreign currency risks and ensure a smooth transaction flow
Private individuals, residents as well as non residents who wishes to move foreign currency into South Africa or abroad. We will advise you on all related procedures and ensure that trades are executed at competitive exchange rates
Giving advice on exchange control issues and submitting applications via an authorised dealer on your behalf
Establishing foreign exchange dealing facilities with local banks on your behalf
We also assist clients with transferring funds from South Africa using the following allowances:
Foreign Investment Allowance Travel Allowance Gift Allowance Emigration Allowance
All of the above transactions are done electronically and our courier service will collect all original documentation from your premises.
Providing clients with intelligent foreign exchange solutions, by specialising in foreign exchange and international remittance to and from every major global destination. Serving corporations, SMEs and professional individuals alike.
The mission of Capta FX is to deliver bespoke solutions enabling our clients to minimise their currency exposure.
FSB and SARB Regulated
We differ from other foreign exchange companies in that we endeavour to develop our client base by receiving referrals from our existing international clients. This strategy allows us to focus on and understand our clients’ needs, adding value to their transactions to build lasting personal relationship’s with them.
Skilled in G10 currencies
With a deep understanding of the sector, not only are we highly skilled in G10 currencies, Capta FX is one of the few companies with a proven track record and ability to deliver ‘Exotic’ currencies and assist our clients navigate the most complex of currency requirements.
Monthly Archives: June 2017
I need my Rand in the UK, thank you!
Yes, but the R10m per annum is subject to a tax clearance, I hear you say. QED (quite easily done). Ticked off FIA ( foreign investment allowance ), but then we have heard that all applications in excess of R4m will be subject to a full SARS audit.
What is the alternative, if you wish to keep to the R4m application?
The year is long, and you may need more cash in a foreign account or in a foreign currency for whatever reason.
No, the R10m FIA (or R4m easy FIA and R6m tax audit FIA) is not the total of exchange control allowances available to you!
Exchange control has eased substantially over the years, and many has overlooked the ease with which South Africans, be it living in the UK or SA, can have their well earned Rands sent into UK pounds.
Oh yes, we do assume you have availed to the R1m annual single discretionary allowance. Also ticked off specially if you live in SA. Living in the UK or EU it may be a little more complicated.
Buy containers using ZA Rand and earn foreign currency income that maybe retained abroad.
The resultant SA tax remains a liability yet you can local Rand to pay SARS i. e. Gross Income can be left in foreign currency and if you reside in the UK you may not need to pay UK tax in the immediate years. Once you are paying UK tax on the worldwide income arising in your name, you will face UK tax but at least the wasting asset is in Rand, and the income is legitimately held in a hard currency. QED! Ticked off as an interesting and easily achievable option.
A second alternative is to buy a life style property or a new home in the UK or EU. If you in for an R6m audit why not go all the way. Same process yet the outcome is much more interesting to SA expats. Moreover, do note, even if you have availed to the full R10m FIA, you can still apply for to fund your new UK house, using ONLY South African funds.
If you are SA tax resident in good standing, you have a valid green bar coded ID (no, you need not be dual resident, you can be a SA permanent resident ID book holder) you good to buy. OK, assuming you have the SA Rand accessible!
You can buy a lifestyle or primary property, be it a house, an apartment or a farm in any country of your choice.
Always thought of Malta, as the interesting EU solution to UK IHT threats? Now is the time to buy the Malta property.
We provide forex transfer services as an alternative
You can apply for permission to take out more than your R10m FIA. Contact us for guidance, once you sure your tax matters are up to date. Need more info? Feel free to email us onforex@bcbadvsiory. com
If you reside outside South Africa:
You retired and can ask for all of your SA pension to be remitted to you abroad. SA pensions and annuities (earned monthly, quarterly half yearly or even yearly as a living annuity) is not freely remittable to the EU, UK or even USA. Freely available!
Yes, ditch the marketing people offering you’re a free marketing call to entice you into a costly formal emigration. Just transfer your pension and only consider formal emigration, if you have NO green bar coded ID or have huge amounts stuck in unclaimed retirement annuity lumps sums.
Yes, pensioners need NO tax clearance, and if you reside in specific treaty countries, you may even get your SA tax refunded. Need help in obtaining the SA tax refund, due to SA expat pensioners, residing in the UK? Feel free to email us on forex@bcbadvsiory. com
Did you know, as you reside in the EU, you could now borrow from your SA resident friend and or family! Strict rules apply, and ensure there is no gratuitous disposition that may attract donations tax.
That is not all! It sounds like a TV advertorial. Wait there is more! Like all other residents physically within SA, you as expat residing outside SA can also avail of all the benefits previously listed. Your only true restriction is that you may not use your SA credit card in the UK, and you may not avail to the traveling allowance.
Let us recap: Buy a lifestyle property, be it a house, an apartment or a farm in any country of your choice.
The container option can be availed to yet the tax exposure may be in your new home country.
You send hard earned pounds to settle the SA mortgage, and now the SA house is sold and the funds are stuck in ZA Rand? No, it is not true! Foreign earned income or capital (non-SA inheritances as an example) sent into ZA Rand could be brought back into the UK without the need for a tax clearance. This is an unlimited value allowance! Yes, best you do no underhand deals. Use well known forex service providers and so protect your earned pounds sent to SA, from being stuck in the ZA Rand regime. Need help or guidance? Feel free to email us on forex@bcbadvsiory. com
Yes, let us not lie to each other, income and capital remitted to the UK, may attract UK taxes on the remitted value. For expats living in the UK for 8 years or more, the actual accrual was taxable in the UK, and the transfer into the UK will not increase your UK income tax.
Do note UK properties, albeit owned by a non - domiciled non-resident, will henceforth attract UK capital gains tax and IHT (death duties) should it exceed the generous thresholds applicable in the UK.
Nee more tax advice or advice in forex transfers? Our Hugo van Zyl can be reached on Feel free to email us on forex@bcbadvsiory. com
Formal Emigration – Not advisable for all!
Formal or financial emigration is the process to formally change your exchange control status from resident to non-resident. It is also sometimes known as Excon Exit.
We provide forex transfer services as an alternative
Financial emigration will not affect a South African’s right to retain their South African citizenship or dual citizenship. It is thus a purely financial process.
Following financial emigration from South Africa, a person can remain tax resident in SA, based on the time spent in the country and subject to the double taxation agreement (DTA) in which the person will be living in future.
Tax emigration or exiting the SA tax system is not subject to formal emigration.
It is a complex process and not advisable for all, but why would one consider the options? What will be the costs?
Before a person can start the process of formal emigration his/her tax affairs must be in order and up to date, as a tax emigration clearance certificate from SARS is needed to get the ball rolling.
As soon as a tax clearance certificate is obtained from South African Revenue Service (SARS), an application is lodged through a South African Bank also known as an authorised dealer (AD) of the SA Reserve Bank (SARB). All assets need to be declared to SARB. The AD then applies at the South African Reserve Bank for an Exchange Control Approval Number (ECA) where after a blocked account is opened alternatively an existing account is converted into a blocked account. Each immigrant may have only one blocked account.
Once the emigration process has been completed, capital transfers have to flow offshore via this ‘blocked’ account.
Capital acquired and income earned post formal emigration need not flow through this blocked account. Typically inheritances received once you have been formally emigrated can be paid by the executor to you foreign bank account.
Should you only leave a pension or living annuity behind, there is no need for a blocked account as the fund can pay directly to your foreign bank account.
Funds allowed to be taken out of South Africa
The South African Reserve Bank allows emigrants the following facilities:
Foreign Capital Allowance (FCA) – R10 million per adult per calendar year or R20 million per family unit per calendar year.
In the year of actual departure, a travel allowance of up to R1 million per adult and R200 000 per child under the age of 18 years is allowed. The travel allowance may not be accorded more than 60 days prior to departure; y
Export of household and personal effects, motor vehicles, caravans, trailers, motorcycles, stamps, coins and minted gold bars (excluding coins that are legal tender in South Africa) within an overall insured value of R2 million.
Any remaining assets in South Africa will be blocked, but can be used for locally for any purpose and more recently SARB will allow listed and unlisted equities to be transferred out of SA as part of your annual R10m FCA.
What BCBA can do for you
Many service providers focus on formal emigration or retirement annuities only. They therefore encourage clients to formally emigrate. In fact, formal emigration services are sold as a free consultation.
The days, if it ever existed, of free lunches is long gone.
Not only can you personally manage the formal emigration process, you can often legally avoid the cumbersome process
For certain clients, formal emigration is often the only option available for the cost of a telephone conference (R969). We will be able to analyse your position and suggest the best solution.
Where clients so elect, we will complete the entire formal emigration process on their behalf. The process will be explained to you in detail and once again, we facilitate the free flow of funds. Your SA Rand will at all times remain under your own control.
BCBA will also be able to assist and advise you on how funds from the blocked account can be accessed.
For clients with “trapped” retirement annuities, preservation funds and so called living annuities, BCBA will provide the necessary guidance and where required, we will facilitate with or without formal emigration.
You formally emigrated and need advice or a second opinion? Call on us and we will assist and guide you in the right direction.
Clients having inherited funds or assets need not formally emigrate. There may be a cheaper and easier alternative.
For more information in your unique circumstances, please contact Hugo van Zyl at hugo@bcbadvisory. com
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South African Airways Baggage
Carry-On Allowance: 1 Bag
All carry-on luggage must fit in the overhead bin or under the seat in front of you. In addition to a personal item (overcoat, laptop, purse) passengers are allowed 1 carry-on bag that adheres to the following requirements:
Maximum Dimensions of Carry-on Luggage: 45 linear in/115 cm (length + width + height)
Maximum Weight of Carry-on Luggage: 18 lb/8 kg
REMINDER: Bulkhead seats do not have underseat storage during take-off and landing. Read Bulkheads Explained
Checked Baggage Allowance
Passengers traveling to to/from Canada and the U. S. :
Baggage Allowance: 2 pieces
Maximum Dimensions: 62 linear inches/157 cm (length + width + height)
Maximum Weight for Economy Class passengers: 50 lb/23 kg
Maximum Weight for First and Business Class passengers: 70 lb/32 kg
*Star Alliance Gold and Voyager members are allowed additional baggage.
Passengers traveling in most other destinations :
Maximum Weight for Economy Class Passengers: 44 lb/20 kg total
Maximum Weight for Business Class Passengers: 66 lb/30 kg total
Maximum Weight for First Class Passengers: 88 lb/40 kg total
*Star Alliance Gold and Voyager members are allowed additional baggage.
IMPORTANT NOTE: There are some exceptions to the above information, depending on your destination and originating city. Be sure to check the South African Airways website or contact their Reservations desk for more details or if you have questions.
Excess, Overweight, Oversize Baggage Fees
If you have more bags than the permitted allowance or your bags exceed the weight or linear restrictions, you will be charged additional fees. Contact South African Airways directly for more information as this will vary by destination and departing airport.
Sports Equipment
Some sports equipment, because of size, fragility, or other handling requirements will be charged an excess fee even if the equipment replaces one of your allowed baggage pieces. Contact South African Airways directly for more information.
South Africa. SARS Clarifies Fringe Benefits And Allowances
Previously published by Legal Times, July 2012.
The South African Revenue Service recently published four draft interpretation notes dealing with the taxation of allowances and fringe benefits:
Issue 3 of Interpretation Note No 14 on allowances, advances and reimbursements;
A draft interpretation note on the right of use of a motor vehicle;
A draft interpretation note on long-service awards; y
A draft interpretation note on the use of employer-provided cellular phones or computer equipment and employer-funded telecommunications services.
Although these interpretation notes are not law, they do provide taxpayers with useful guidance as to the tax treatment of such benefits and allowances, and include examples illustrating their practical application. Some of the guidelines which may be useful to employers are highlighted below.
Allowances, advances and Reimbursements
The previous version of Interpretation Note No 14 dealt with allowances, advances and reimbursements in general, but did not provide any specific guidance in relation to travel allowances. Issue 3 includes commentary and examples of the calculation of the deduction from subsistence allowances, as well as a new section dealing with travel allowances.
With regard to subsistence allowances the draft interpretation note deals with the meaning of th phrase "obliged to spend at least one night away from his or her usual place of residence in the Republic" in the context of subsistence allowances (section 8(1)(a) of the Income Tax Act, 1962). The interpretation note refers to ITC 1668, in which the court distinguished between employees who lived far away from their place of employment and were given an accommodation allowance, and the situation where performing the duties of employment required the employee to spend nights away from home.
In respect of travel allowances, the draft interpretation note gives examples of what constitutes business travel and private travel for purposes of the deduction for business travel expenses, and states that the location of a recipient's place of employment or place of business is a factual enquiry.
An employee who is employed to work as a shop assistant in his employer's V&A Waterfront store for two days a week and the Canal Walk store for three days a week – travel between home and either of the stores is regarded as private travel.
Where the employee normally works at the V&A Waterfront store but travels from his home to his employer's store in Pretoria to assist with an annual stock count that would be regarded as business travel.
In terms of employees' tax, with effect from March 1 2010, 80% of a travel allowance or advance must be included in remuneration. However, in the event that an employer is satisfied that at least 80% of the use of the motor vehicle for a year of assessment will be for business purposes, only 20% of the travel allowance or advance is included in remuneration and is subject to employees' tax.
The word "satisfied" suggests that the employer must actively look into the fact of each employee's circumstances, and objectively weigh up and apply his or her mind to whether or not the employee should qualify. This can be done by regularly reviewing employees' logbooks, and taking into consideration changes in the role or function of the employee.
Company cars
This new draft interpretation note sets out the tax treatment of company cars in detail. With effect from March 1 2011, any VAT borne by an employer (that is, the employer was not entitled to claim an input tax credit) must be included in the determined value of the motor vehicle. This applies even where the vehicle was purchased before March 1 2011.
With regard to maintenance plans, the draft interpretation note states that, in order for the fixed percentage (3.5% per month) to be reduced to 3.25%, the maintenance plan must commence at the same time that the motor vehicle is acquired by the employer. It states further that a motor vehicle is not the subject of a maintenance plan in circumstances where the maintenance plan is either a top-up or addon plan which was taken out after the acquisition of the vehicle, and in this case the rate of 3.5% must be used.
It also deals with circumstances in which the determined value of the vehicle may be reduced where the employee had the use of the motor vehicle only for part of a month.
Where the employee makes a contribution towards the cost of the motor vehicle, the draft interpretation note states that when determining the "original cost to the employer ", the employer may deduct the employee's contribution from the full cost price of the vehicle. However, the "cost to the employer" is relevant only where the employer acquired the vehicle under an agreement of sale or exchange. In all other cases, the determined value is equal to the "retail market value", the "cash value" or the "market value" of the motor vehicle, and may not be reduced by any contribution paid by the employee towards the cost of the vehicle.
The draft interpretation note also provides some guidance on how the exemption for employees who are regularly required to use the motor vehicle for the performance of their duties outside their normal hours of work should be interpreted.
Long-service awards
This is a new interpretation note dealing with long-service awards in the form of assets. The draft interpretation note deals, among other things, with gift vouchers, and confirms that a gift voucher is a form of property, as it represents a right to acquire goods or services from a merchant, and is an asset for the purposes of paragraph 2(a) of the Seventh Schedule.
Accordingly, gift vouchers (other than meal vouchers) granted for long service fall within the scope of paragraph 2(a) and qualify for a reduction in value of the asset, provided the length-of-service requirements are met. In our recent experience, SARS has argued that gift vouchers are cash and do not qualify for the exemption for long-service awards, so this clarification is to be welcomed.
For an award to qualify as a longservice award and for the R5 000 reduction in value to apply, the asset must have been given by an employer to an employee for being in employment with the same employer for an initial unbroken period of service of at least 15 years, or a subsequent unbroken period of service of not less than 10 years. For example, employees who receive an initial long-service award at, for example, 20 years must wait for a further 10 years – in other words, until he or she has worked for the same employer for 30 years – before the R5 000 reduction in the value of the asset may be applied again.
Company cellphones, computer equipment and telecommunications services
This new draft interpretation note deals with the following benefits:
Private use by an employee of employer-provided telecommunications equipment (for example, cellphones) or computer equipment (for example, a laptop); y
Any allowance or reimbursement granted by the employer in respect of the employee's privately owned equipment or service contract which is used for business purposes.
In terms of the Seventh Schedule to the Income Tax Act, no value is placed on the private or domestic use of an asset consisting of telephone or computer equipment which the employee uses mainly for the purposes of the employer's business. The word "mainly" has been interpreted by the courts to mean a quantitative measure of more than 50%. Therefore, if more than 50% of the total use of the asset is for business purposes, no value will be placed on the private or domestic use of that asset.
It is important to note that SARS will assess whether or not the asset is used mainly for business purposes on a case-by-case basis, taking all the facts and circumstances of the particular employee into account. This will include a consideration of, among other factors, the nature of the employee's work and official duties, qualifying criteria for entitlement to the use of the asset or service, and the conditions of use/terms of the grant. The employer and the employee bear the onus of proving that, based on the facts and circumstances, the particular asset is required due to the nature of the employee's job and the associated responsibilities, and that it will be used mainly for business purposes.
If an employee is reimbursed for actual business expenditure incurred on the instruction of the employer, and for which proof was provided to the employer, such amounts are excluded from the taxable income of the employee. However, if the employee receives an allowance, such an allowance will be included in the taxable income of the employee and generally no deduction may be claimed against this allowance.
The draft interpretation note sets out a formula which SARS will accept to determine the cost of free minutes where the contract includes a free cellular phone, and deals with the tax treatment of split-billing arrangements.
The draft interpretation note emphasises that employers are responsible for ensuring that the assets/ services are used mainly for business purposes, failing which they will be required to include a taxable fringe benefit in the employee's gross income and remuneration for purposes of calculating employees ' tax.
The draft interpretation notes are available on the SARS website.
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R1M Travel Allowance
Allowance Per Year: R 1,000,000 per adult, R 200,000 per child
Private individuals may transfer these funds to any off shore bank account held in the name of the traveler.
This travel allowance is granted by the South African Reserve Bank, and forms part of the annual R1M Discretionary Allowance.
There are some requirements to meet in order to utilize this allowance:
You must hold a copy of your flight ticket
Provide a declaration stating you have not already used your travel allowance through any other financial company
Contáctenos
We are happy to answer any of your questions today
© 2017 Currency Assist | South Africa | info@currencyassist. com | Shop 9, The Upper Deck, Marine Drive, Plettenberg Bay, 6600
Currency Assist SA (Pty) Ltd is a foreign exchange service provider registered in South Africa authorised with the FSB under FSP license number 46057.
Private Individuals
South African Residence
In terms of South African Reserve Bank Exchange Control, South African residents are entitled to two allowances:
R1 million discretionary allowance – this allowance may be used for foreign investment without having to obtain tax clearance (a tax number is required), as well as; travel, gifts, loans, studies and alimony.
•R10 million foreign investment allowance (FIA) – this allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and they must obtain a tax clearance from South African Revenue Services (SARS) before proceeding.
South Africans living abroad who have not formally emigrated in terms of exchange control are entitled to make use of the R10 million foreign investment allowance but not the R1 million discretionary allowance. For example, if you left South Africa to go work in the UK for two-years and landed up staying on for a further 10-years, you never formally emigrated in terms of exchange control. You are still considered a South African Resident temporarily abroad and are entitled to the R10 million foreign investment allowance. In order to send funds overseas for example, from the proceeds of a property sold or an inheritance you have received, you will be required to make use of your R10 million foreign investment allowance or formally emigrate.
Capta FX can assist you with ensuring your tax affairs up to date, applying to have your tax number re-activated and/or to obtain tax clearances in order to send funds abroad.
Non South African Resident
We can assist with all money transfers into South Africa including;
Foreigners purchasing property
Foreign loans
South Africans returning home and bringing back funds
South Africans working overseas or earning foreign income
Further to the above we can assist foreigners coming to South Africa with opening-up non-resident accounts, as well as, providing hedging forward cover facilities to enable clients to lock-in favourable exchange rates.
Tax clearances
Whether you’re using your R10 million foreign investment allowance or in some instances where you have to emigrate, you will have to obtain a tax clearance.
We have assisted thousands of private clients with foreign investment allowance (FIA) certificates, which has enabled us to develop good working relationships with SARS. With the understanding of what SARS requires in order to issue a FIA certificate we are equipped to advise and obtain a FIA certificate from SARS on your behalf, as quickly and efficiently as possible.
We will ensure the application forms are completed correctly, all supporting documentation required by SARS is in order and we will even go to SARS on your behalf and collect your tax clearance certificate, having you ready to complete your foreign investment allowance transfer or process your emigration application. Applying for tax clearance can be daunting especially if you are living in another country. We will take this hassle entirely off your hands.
South African Retirement funds
As a South African living overseas you are entitled to transfer retirement investments tied up in South African retirement annuities, preservation funds, living annuities and pensions overseas – regardless of your age.
South African legislation was amended in 2008 to allow South Africans living overseas to transfer their retirement savings offshore before they reach retirement age of 55, provided they have (financially) emigrated and become non-resident.
Retirement Annuities – emigrate and transfer the full fund value of your annuity offshore
Living Annuities – have your annuities paid monthly, quarterly, annually; no emigration required and it doesn’t form part of your allowances
Preservation Funds – emigration allows the transfer of your funds benefits offshore when you want them, whether or not you have used your one withdrawal opportunity
Encashment of policies – we’ll open a bank account in your name for you where the insurer can deposit the proceeds encashed and assist with the transfer of the funds to your offshore bank account
Each individual case needs to be assessed to determine the correct and most cost effective way of transferring your retirement benefits overseas, Capta FX can advise and assist you to determining the most efficient method of transferring your benefits.
Tagged with Subsistence Allowance
By Karen Schmikl, Legislation Manager at Softline VIP, part of the Sage Group plc.
Quite a few changes were made during Finance Minister, Pravin Gordhan’s Budget Speech on Wednesday, 22 February 2012 that will have a direct impact on payroll administrators across South Africa.
The most noteworthy is a change in the taxation of medical aid contributions from March 2012. Payroll administrators will have to ensure that their payroll systems are updated as from 1 March 2012 to reflect the changes stipulated. Not implementing these changes in the first period of the new tax year will result in incorrect PAYE, SDL and UIF contributions.
Medical tax credits replace the medical aid cap amounts used over the past few years.
Individuals who are 65 years and older still have the benefit of a medical aid tax deductible deduction, subject to no limit.
Employees who are younger than 65 however, no longer have the benefit of a medical aid tax deductible deduction. They do however qualify for a monthly medical tax credit (MTC).
The MTC will be deducted from the tax calculated for the employee for each month the employee contributes to a medical scheme, reducing the employee’s tax due each month.
The MTC is calculated in relation to the number of beneficiaries on the medical aid – the values are R230 for the main member, R230 for the first dependent and R154 for each additional dependent
The result of this change is a more equitable benefit for all individuals who belong to medical aids. Lower income employees will ‘see’ a greater tax benefit than higher income employees when comparing February and March tax amounts.
The tax tables for individuals and special trusts for the year ending 28 February 2017 were updated.
617 001 and above
178 940 + 40% of taxable income above 617 000
The tax rebate amounts have also been changed. The primary tax rebate amount has been adjusted to R11 440, while a secondary rebate for persons of 65 years and older is pegged at R6 390. A tertiary rebate for persons of 75 years and older is set at R2 130.
The adjustment to the tax threshold amounts, effectively nullified Standard Income Tax on Employees (SITE) limits. Below the age of 65, the tax threshold has been set at R63 556; Ages 65 to below 75 now have a tax threshold of R99 056; while Ages 75 and over have a tax threshold of R110 889.
Subsistence Allowance An employee is entitled to receive a subsistence allowance when the employee is obliged to spend at least one night away from his or her usual place of residence. The value of the deemed allowance or advance where the accommodation is in the RSA has been amended to R303 per day for meals and incidental costs and R93 per day for incidental costs only. The schedule of rates for accommodation outside the RSA will be gazetted towards the end of the month.
Travel allowance costs have also been adjusted. The SARS deemed rate per kilometre increased from R3.05 to R3.16. The fuel and maintenance cost values have furthermore been amended and it is advisable to recalculate the value of all employee travel allowances from March 2012.
Value of the vehicle (incl. VAT)
Foreign Investment Allowance
Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single discretionary allowance within an overall limit of R1 million per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate.
Further to the single discretionary allowance, Private individuals may invest R4 Million outside of South Africa per annum. The R4 Million Foreign Investment Allowance applies to all taxpayers over the age of 18 years old and represents an annual total allowance (per calendar year). The first step to transferring the investment allowance out of South Africa is to obtain a Tax Clearance Certificate from the South African Revenue Service (SARS).
A tax clearance application needs to be completed and submitted to your local SARS office. This can take 2-4 weeks if applying by post and a few hours if you personally go into your SARS tax office with all your documents in order and the form correctly filled out. You will be unable to transfer funds out of South Africa using your foreign investment allowance until you have received this tax clearance.
Clients are able to send less than the amount applied for in the tax clearance and only the actual amount sent out of the country will contribute to your R4 Million total allowance. Tax clearances are valid for 12 months from the date of issue by SARS.
The following forms need to be completed:
• SARB MP1423 • FIA001 • Balance of Payments (BoP)
The following forms need to be completed:
• South African ID copy • Recent evidence of available funds • Statement of Assets & Pasivo
Please note when providing proof of funds that the cash must be available i. e. in a bank account, access bond, short term deposit etc. Share portfolios etc are not acceptable. SARS will only grant clearance for available funds.
TRANSFER OF FUNDS OFFSHORE
Once SARS clearance is obtained, clients deposit ZAR into their local Bank suspense account. An FX rate is then negotiated and the funds are transferred offshore.
Please contact Saxo Capital Markets if you require any further information
South Africa Forex License
South Africa forex trading is regulated by Financial Services Board of South Africa. Financial Services Board issued good regulation which can be used as a ticket to marketing to all of Africa as well as solving regulatory issues.
South Africa forex trading is growing fast related with succes stories like South Africa forex millionaire Sandile Shezi. Before FSB issued forex regulation, investors were depositing to offshore forex companies market was managed by forex dealers South Africa. After forex allowance some UK forex licensed companies received South Africa forex license and launched their payment solutions as local broker. Sandile Shezi is pioneering investors nowadays by his global forex institute South Africa and South African forex brokers is leading all African forex industry.
If you plan to make business on Africa, Meta Technologies recommends FSB license instead of Belize forex license or Seychelles forex license and assists you receving South Africa forex license.
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Trading African Currency Markets
In October 2011 South Africa’s National Treasury made a few far reaching relaxations for both business and personal foreign exchange limits that can be invested offshore.
The ability to invest offshore is governed by some strict criteria and disclosures but has also completely lifted the limits on overseas payments for alimony, weddings and travel. Not too many years ago the South African reserve bank limited South African citizens travel allowances to pitiful levels, I personally remember back in 1995 having a travel allowance of a mere R20 000 for an extensive business trip which made it very difficult.
The relaxing of exchange controls on South African businesses and individuals ushers in some a very exciting times for forex traders who are familiar with Africa. The political situations in many of Africa’s larger economies are relatively stable, growth is good and there are some very exciting investment opportunities in Africa for Foreign companies, particularly in the area of infrastructure development and renewable energy projects. As more and more African countries stabilize, the opportunity to trade African currency pairs presents opportunities to make profits well above the norm, albeit a risky environment.
In reality forex market trading in South Africa is in it’s infancy and for those with a little risk appetite and a sound knowledge of African business could be in for a ride on the wild side.
The most stable and hence most traded currencies in Africa would be
ZAR – South African Rand DZD – Algerian Dinar CFA – Central African Franc MAD – Moroccan Dirham NGN – Nigerian Naira
Trading African currency pairs is possibly the next frontier in Currency trading as Africa continues to attract attention, sees increased forex inflows and Governments continue to stabilize.
What is a single discretionary allowance?
The single discretionary allowance (SDA) is an annual allowance (valid from 1 January to 31 December in any year) available to all South Africans over the age of 18 years (R200 000 for residents under the age of 18 years for travel purposes only)
You are able to use this allowance for:
Travel allowance
Donations to missionaries (provided that a letter from an official or recognised religious body is obtained and produced to a local bank, confirming the person is a missionary abroad)
Maintenance transfers (provided the proposed beneficiaries are the mother, father, brother or sister of the applicant and are necessitous circumstances.
Monetary gifts and loans to non-residents and to resident individuals who are oversees on a temporary basis.
Study allowance for residents undertaking full-time courses at schools, universities or similar institutions abroad. ( Provided documentary evidence is produced confirming that the student has been enrolled for a full-time course)
Alimony and child support payments over and above the amount provided by a court order.
Wedding expenses and other special occasions
Foreign capital allowance (provided a form M. P. 1423 is completed, however, there is no requirement to obtain a tax clearance certificate)
What rules are applicable to South African residents travelling abroad?
Residents over the age of 18 years may avail of a travel allowance within the single discretionary allowance limit of R1 million.
Residents under the age of 18 years may only be accorded a travel allowance of up to R200 000 per calendar year.
Foreign exchange, in respect of a travel allowance may be provided in any authorised form. The travel allowance may also be transferred abroad to the traveller’s own bank account, but not to an account of a third party.
Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
You may not use the foreign currency you purchase for any purpose other than stated/ declared when you purchased it.
Travellers must convert unused foreign exchange to Rand within 30 days of returning to South Africa.
In the case of travel allowance, if you do not spend all the funds on holiday expenditure you may not keep the funds offshore or buy offshore assets.
The cost of land arrangements (hotels, cruises, tours, etc.) forms part of your travel allowance, but payment locally of airfares do not.
A form NEP must be attested by your bank when the insurance value of goods taken out exceeds R50 000. When the value of the goods exceeds R200 000 prior approval of the Financial Surveilance Department of the South African Reserve Bank must be obtained before the Form NEP is attested by the bank.
Travellers may also take up to a total value of R25 000 per person in the form of Rand notes.
How much can an individual invest offshore?
A tax payer in good standing and over the age of 18 years, can invest up to R4 million in his/her name outside the Common Monetary Area (CMA - Lesotho, Swaziland and Namibia), per calendar year. A Tax Clearance Certificate (in respect of foreign investments) must be obtained. These funds may not be reinvested into the CMA countries thereby creating a loop structure or be re-introduced as a loan to a CMA resident.
In addition, up to R1 million. within the single discretionary allowance facility, can be transferred abroad, without the requirement to obtain a Tax Clearance Certificate, but provided a Form M. P. 1423 is completed.
What if I want to invest more than R4 million per calendar year?
Your bank must submit an application to the Financial Surveillance Department of the South African Reserve Bank for approval. A Tax Clearance Certificate, in the prescribed format, must always accompany the aforementioned application.
Can a private individual open a bank account in South African denominated in foreign currency?
Sí. Private individuals (natural persons) resident in South Africa may open a Foreign Currency Account for permissible transactions.
What specific criteria must be adhered to in order to obtain approval for an inward foreign loan?
The term of the loan must be at least one month.
The interest rate in respect of third party foreign denominated loans may not exceed base lending rate plus 2% and in respect of shareholders’ loans the base lending rate of the country of denomination.
Interest rate in respect of Rand denominated loans may not exceed prime lending rate plus 3% on third party loans or the base rate, in the case of shareholders’ loans
In respect of trade finance facility loans, interest payments of up to prime plus 10%, which includes shipping and confirming fees, handling costs, administration fees, bank charges, commissions and raising fees (all-in costs), will be approved.
The loan funds to be introduced may not be sourced from a South African resident’s foreigh capital allowance, foreign earnings retained abroad, funds for which amnesty had been granted and/or foreign inheritances.
There may not be an direct/indirect South African interest in the foreign lender.
The loan funds may not be invested in Sinking Funds
No upfront payment of commitment fees, raising fees and/or any other administration fees are payable by the borrower.
What is a trade finance facility?
A facility for a period not exceeding 12 months for financing current imports or exports. Such facilities are normally used by South African residents when the overall effective covered cost of the facility is lower than that of the local short term Rand finance.
In what time period must the principal amount be introduced?
The principal amount of the loan must be introduced within a period of 12 months from the date of approval. Any extensions in this regard must be advised to your bank.
How can an inward loan be repaid?
Foreign loans can only be repaid up to the amount that has been received in South Africa and the repayment can be done through the banks in South Africa.
Transfer Categories
What specific criteria must be adhered to in order to obtain approval for an inward foreign loan?
• The term of the loan must be at least one month.
• The interest rate in respect of third party foreign denominated loans may not exceed base lending rate plus 2% and in respect of shareholders’ loans the base lending rate of the country of denomination.
• Interest rate in respect of Rand denominated loans may not exceed prime lending rate plus 3% on third party loans or the base rate, in the case of shareholders’ loans
• In respect of trade finance facility loans, interest payments of up to prime plus 10%, which includes shipping and confirming fees, handling costs, administration fees, bank charges, commissions and raising fees (all-in costs), will be approved.
• The loan funds to be introduced may not be sourced from a South African resident’s foreigh capital allowance, foreign earnings retained abroad, funds for which amnesty had been granted and/or foreign inheritances.
• There may not be an direct/indirect South African interest in the foreign lender.
• The loan funds may not be invested in Sinking Funds
• No upfront payment of commitment fees, raising fees and/or any other administration fees are payable by the borrower.
What is a trade finance facility?
A facility for a period not exceeding 12 months for financing current imports or exports. Such facilities are normally used by South African residents when the overall effective covered cost of the facility is lower than that of the local short term Rand finance.
In what time period must the principal amount be introduced?
The principal amount of the loan must be introduced within a period of 12 months from the date of approval. Any extensions in this regard must be advised to your bank.
How can an inward loan be repaid?
Foreign loans can only be repaid up to the amount that has been received in South Africa and the repayment can be done through the banks in South Africa.
Residents (natural persons) over the age of 18 years may avail of a SDA within an overall limit of R 1,000,000.00 per individual . (R200 000 for residents under the age of 18 for travel purposes only) . per calendar year (Jan – Dec), without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows:
Donations to Missionaries
Letter from an official or recognised religious body confirming the person is a missionary abroad
Outward BOP Form
Single Discretionary Allowance declaration
Maintenance Transfers
Beneficiaries are either the father, mother, brother or sister of the applicant and are in necessitous circumstances (documentary evidence from an authority abroad is required).
Monetary Gifts and Allowances
If you are a South African resident, you are able to transfer monetary gifts abroad, within the limit specified, to non-resident individuals and resident individuals who are oversees temporarily, excluding those residents who are abroad on holiday or business travel.
Travel Allowance
If you are travelling abroad, you are able to purchase your foreign exchange within 60 days before leaving the country.
• Funds must be transferred to an offshore account in the name of the traveller
• Where minors are travelling with their parents, their allowance can be remitted directly into their parents bank account.
• Flight must originate from South Africa.
• Clear copy of passport
• Flight ticket in the name of the traveller to be provided
T. R.E through Investec Private Bank Foreign Exchange can assist you with settling international invoices for payments made to countries outside of South Africa. These payments include services rendered offshore, imports including advance payments where goods are being received into South Africa, accommodation, subscriptions, etc.
Please note that the international invoice must stipulate both parties’ full names, physical addresses, currency and value to be transferred offshore.
• Best Original Invoice (scanned copy of invoice will suffice)*
Advance payments for imports (goods not yet delivered to South Africa)
The “advance” payment terms must be clearly stipulated on the commercial invoice/pro forma invoice.
Please be advised that in terms of the Importer’s declaration, the client undertakes, in terms of Regulation 12 of the Exchange Control Regulations, to provide T. R.E. within four months of the date of the payment being made, with the following documentation.
• SARS release notification
Should this documentation no be provided, T. R.E. is obliged to report the breach to the SARB.
• Balance of Payments (BoP) purchase form – Completed on your behalf
Import payments (whereby goods are already received into South Africa)
• Balance of Payments (BoP) purchase form – Completed on your behalf
• Commercial Invoice (your name and physical address in South Africa)
• SAD 500/Bill of entry
• SARS release notification
Emigrating from South Africa formalises your exit from South Africa for exchange control purposes. It does not mean that you have to relinquish your South African citizenship. You can retain your South African passport. However once your emigration is finalised your bank account gets the status of “blocked account”, which means it is monitored by exchange control. All funds will need to be transferred via your blocked account.
• SARS Tax Clearance Certificate for Emigration Purposes
Family Unit up to R8 Million
Single Person R4 Million
Over the Limit Approvals
• SARB application required
• Emigrants are allowed a travel allowance the year they leave South Africa (permanent departure)
• No 10% Exit Levy payable
• Amounts over the limit become blocked funds
• Formal Emigration process to be followed
Foreign exchange limits increase
The South African Reserve Bank’s Financial Surveillance Department, (previously known as the Exchange Control Department) has announced several changes since its renaming in August 2011.
The changes are consistent with the revised functions and responsibilities of the Department after the Minister of Finance, Pravin Gordhan, announced the shift from exchange controls to a system of prudential regulation. Improved surveillance will replace unnecessary administrative controls.
“Since financial surveillance is an important pillar of financial stability, the drafting of a document relating to a modernised policy and legislative framework has already commenced. The broad strategy remains prudential management of foreign exposure risk, along with improved management of capital flows and maintaining macroeconomic and financial stability,” Gordhan said.
On 23December 2011 as part of its strategy to further relax foreign exchange control rules for individuals, the Financial Surveillance Department announced that SA resident individuals may remit funds abroad for investment purposes within the R1 million discretionary allowance per calendar year.
The changes reaffirm the government’s position to move away from stringent controls over foreign exchange flows out of the country.
The discretionary allowance includes the following:
a) Donations to missionaries
b) Maintenance Transfers
c) Monetary Gifts and Loans
d) Travel Allowance
e) Study Allowance
f) Alimony and child support
g) Wedding expenses
h) Foreign Capital allowance (no tax clearance required)
The applicant must be over the age of 18 and of good standing. The limit of R1 million per calendar year, without the requirement of a tax clearance certificate is subject to documentary requirements applicable to the nature of the transfer.
The R4 million Foreign Investment Allowance is still available over and above this with the requirement of a Foreign Tax Clearance Certificate.
Author: Andrew Rissik of Sable Group. Details: 0207 759 7550 or fx@sable-group. com
Private individuals may utilize a Discretionary Allowance of up to R1 Million per calendar year.
The Discretionary Allowance consists of the following allowances which can be used by a private client to move money out of South Africa however the total sum used across all of the below allowances cannot exceed R1 Million per annum:
Flights must originate in South Africa and we will require a copy of the flight ticket or e-ticket.
Gifts (non-spousal) over R100,000 are taxable at 20% by the South African Revenue Service (SARS).
Study and Tuition Fees
Private clients may pay for overseas tuition and study fees, including accomodation and living expenses, up to a maximum of R1,000,000 per calnder year. These payments must be supported by an invoice from the school, university or educational institution.
Private clients may pay for maintenance and child support up to a maximum of R1,000,000 per calnder year. These payments must be supported by an invoice from the school, university or educational institution.
Foreign currency converter and financial information
The handy real time currency converter (below) will enable you to compare the value of your money with the South African Rand (ZAR) equivalent (or any other currency) before you leave for your Cape Town tour or business trip.
Scroll down the page for some useful South African currency tips.
By referring to the currency-converter you could find that bringing US Dollars or British Pounds into South Africa would be to your advantage if the Rand (ZAR) is strong due to a favourable exchange rate. You'll find that you could be be spending less Dollars for example than for a similar service or product in the US.
That's why the currency-converter is so essential. It will tell you exactly what forex or foreign exchange you can expect for your money at the time.
Useful information You are permitted to bring certain gift items into South Africa duty free, and as a traveller or tourist in Cape town South Africa you'll be able to claim back the sales duty (Value Added Tax) of 14% on gift items you purchase locally. More information on local Customs regulations here: South Africa airport Customs regulations
Simply present your receipts and your passport at the VAT refund counter in the departure lounge at the Cape Town airport. You'll be given a standard form to complete.
Take advantage of this duty free allowance when you are ready to fly back home. You'll certainly save on your purchases.
So, before you travel, make sure you plan your finances, and carefully arrange your foreign exchange.
Check out the live exchange rates for major currencies below.
Enjoy your trip to South Africa!
Private individuals may invest R4 Million outside of South Africa per annum.
Clients are also now able to make an application to the SARB to be able to move funds in excess of the R4 Million above.
Exchange4free are able to process this application on our client's behalf.
These funds can be invested into offshore investment portfolios, property, bank accounts or other investments.
The R4M Foreign Investment Allowance applies to all taxpayers over the age of 18 years old and represents an annual total allowance (per calendar year).
Applying for Tax Clearance from South African Revenue Service:
EXCHANGE4FREE CAN OBTAIN A CLIENTS TAX CLEARANCE WITHIN 1-3 DAYS FOR FREE!
The first and most important step to transferring these funds out of South Africa is to obtain a Tax Clearance Certificate from the South African Revenue Service (SARS) .
A tax clearance application form (FIA001) needs to be completed and submitted to your local SARS office. This can take 3-4 weeks if applying by post and a few hours if you personally go into your SARS tax office with all your documents in order and the form correctly filled out. You will be unable to transfer funds out of South Africa using your foreign investment allowance until you have received this tax clearance.
Clients are able to send less than the amount applied for in the tax clearance and only the actual amount sent out of the country will contribute to your R4 Million total allowance.
Tax clearances are valid for 12 months from the date of issue by SARS.
Once you have received your tax clearance then all remaining steps can be completed through Exchange4free very quickly and easily. Please contact us immediately once you have received your tax clearance certificate.
Private individuals formally emigrating out of South Africa may move the following amounts out of the country:
Unlimited Funds with No Exit Levy!
Once you have formally emigrated then your money will be placed into a 'Blocked Funds' account in South Africa.
Any 'Blocked Funds' are no freely remittable out of South Africa with no penalty fees.
Exchange4free are able to assist our clients with the following:
Formal emigration process, and
Moving your money out of SA at great exchange rates and low costs
Please see the guide below for full details on the process and requirements to send funds out of SA using your foreign investment allowance:Clients will need to complete the following forms as part of the formal emigration process as per the guide:
Exchange4free offer our clients wishing to emigrate the easiest, cheapest and fastest solution to dealing effectively with your emigration needs.
Money & duty free for South Africa
MasterCard and Visa are preferred. American Express and Diners Club are also widely accepted. ATMs are available in all towns, cities and shopping malls and most petrol stations, and accept international cards. Almost all hotels, shops, restaurants, national parks and game reserves accept credit cards. They are now acceptable at most petrol stations too, but since that is a relatively new measure, it’s worth checking before you fill up.
ATMs are available in all towns, cities and shopping malls and most petrol stations, and accept international cards. Be alert when using ATMs, and do not accept help from anybody as conmen are adept at switching cards. Check your statements afterwards for a few weeks too, as cloning machines are occasionally planted in ATMs. More obviously, be aware of who is hanging around and don’t withdraw money if your instinct tells you not to.
Valid at banks, hotels, restaurants and some tourist-orientated shops. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in Pounds Sterling or US Dollars.
South Africa Duty Free Allowances
South Africa Duty-Free Allowances
Duty Free allowances in South Africa, like many countries, fall broadly into the category of residents and tourists/travellers. This guide applies to visitors and tourists only. Visitors and Tourists.
Goods falling within the following allowances may be imported without the payment of Customs duty and VAT as accompanied baggage.
200 cigarettes and 50 cigars.
250g of cigarette or pipe tobacco.
50ml perfume.
250ml eau de toilette.
2 litres of wine.
1 litre in total of spirits and other alcoholic beverages.
These duty free allowances for South Africa also apply to children under the age of 18 (both accompanied or unaccompanied) with the exception of alcohol and tobacco products – provided they are for their personal use.
All baggage will be cleared at the first airport or port of entry to SA.
Currency Rules
For tourists and non residents, 5000 ZAR (South African Rand) in cash, travellers cheques or foreign currency is allowed. The same amounts apply when leaving RSA.
Tax Free Travel Guide to …
Tax Refund for Tourists to South Africa.
In South Africa you will have paid a 14% Value Added Tax (VAT)/Duty/Sales Tax when you purchase goods. Tourist and foreign visitors to South Africa can make an application at their point of departure for a refund of the VAT paid. The tax invoices/receipts for whatever you have purchased together with the goods must be presented to the VAT Refund Administrator. The VAT Refund Administrator will make a charge for this service. If your in a hurry/short of time, you may have your tax receipts stamped by a Customs Officer who will forward your claim on.
By Caroline Maxwell 19 January, 2010
Located at the southernmost tip of Africa, South Africa (GMT +2) is bordered by Namibia, Botswana, Zimbabwe and Mozambique, and totally encloses Lesotho. There are currently 11 official languages in South Africa, but for business purposes, English and Afrikaans are most often used.
Although the economy is in many areas highly developed, there are some weaknesses, partly because of remaining inequalities between the country's black and white residents, and partly due to the country's international isolation until the 1990s. The country could, then, be said to be in a state of transition, as the government seeks to address the inequities of previous regimes and foster good international trade relationships with other countries.
Efforts so far appear to have been successful, and South African business has become increasingly integrated into the international community; foreign investment into the area has grown substantially over the past few years as a result. With its advantageous location and a government receptive to foreign direct investment, South Africa certainly looks as though it is becoming an international force to be reckoned with.
The South African business infrastructure is generally well developed, and could be seen as a model for other African countries to follow. It includes an efficient physical infrastructure of roads, rail and air transport, a well developed communications network supported by reliable electricity supplies, and a substantial financial support structure for companies established in the country, including a network of merchant banks, brokers, and financial services specialists. Although the business infrastructure is not yet able to compete with those of the most developed western powers, it is certainly forging a path for other emerging markets countries to follow; increasing investment in telecommunications and technology should see it able to compete on an international level in the near future.
In common with almost every business jurisdiction, both on - and offshore, South Africa has hopes of becoming the e-commerce hub of its hemisphere. Although the groundwork has been laid, the industry still seems to be in the process of developing a coherent legislative framework and e-commerce strategy.
Although you wouldn't necessarily assume that South Africa's position at the very bottom of the African continent would be an advantage in terms of international business opportunities, it actually makes the country a very good trans-shipment point between the emerging markets of Central and South America and the newly industrialised nations of South and Far East Asia. South Africa is also ideally placed for access to countries in the Southern African Customs Union (SACU), and the Southern African Development Community (SADC), an alliance of 15 countries with a combined population of over 180 million.
For both international and domestic investors, there are many investment opportunities available in the modern South Africa: the country is the world leader in several specialised manufacturing areas: it produces and exports more gold than any other international competitor, and also exports considerable amounts of coal; and it leads in the field of mineral processing to form feralloys and stainless steels. Several other areas, such as tourism, agriculture and livestock development, construction, and the service industry are undergoing rapid growth at the moment, and look likely to attract substantial foreign investment over the next few years.
As previously mentioned, the leadership is receptive to foreign investment, and South Africa has made good progress in dismantling its old economic system, which was based on import substitution, high tariffs and subsidies, anti-competition measures, and widespread government intervention. The government has substantially reduced its role in the economy, and in the interests of promoting private sector investment competition, has reduced import taxes and subsidies to local firms, eliminated the punitive non-resident shareholders tax, removed certain limits on hard currency repatriation, and reduced the secondary tax on corporate dividends (soon to be replaced by a new dividends tax in line with international norms).
Virtually all business activities are open to international investors, although in a few sectors, ceilings have been placed on the permitted extent of foreign involvement, for example in the banking industry in which foreign equity investment is limited. At present, foreign investments are treated in essentially the same way as domestic investments, and receive national treatment for various investment incentives such as export initiative programmes, tax allowances, and trade regulations.
The main difference in treatment between domestic and foreign investment is in terms of the local borrowing restrictions imposed by the Exchange Controls authorities. For business and investing purposes, a non-resident is known as an 'affected person', and where 25% or more of the firm's capital assets are paid to a non-resident, or the firm is 75% owned by a non-resident, it is deemed to be similarly 'affected'. At the time of writing, the maximum an 'affected' company can borrow locally is 50% of the company's effective capital (basically its net worth), plus an additional figure based on the following formula:
100 + SA Participation / Non-resident Participation x 100% of total effective capital
The rate of normal tax for companies in South Africa is 28% (lowered from 29% in 2008), with an additional 10% 'STC' (Secondary Tax on Companies, (lowered from 12.5% in 2007)) tax payable on net dividends (dividends paid less dividends received). Prior to the tax rate changes, the maximum effective rate of company tax and STC was 37.8%. This rate applies to companies that distribute all of their after-tax profits as dividends. Double taxation is avoided by the granting of a credit to companies for dividends received from South African companies that have already been subject to STC. Consequently, STC is effectively imposed on the distribution of operating profits.
However, from 2010, Secondary Tax on Companies (STC) will be replaced with a 10% dividend tax at company level.
Branch profits tax (for companies which are not resident in South Africa, but do business there via a resident branch or subsidiary) is 33% (reduced from 34% in 2007); they are exempt from STC.
Before 2001, companies were only obliged to pay local taxes on earnings arising in South Africa. However, as the result of legislative changes which took effect in 2001, SA-based multinationals are now taxed on their offshore earnings as well.
SARS has also targeted what it sees as abuses of transfer-pricing, hitting at international companies which use overseas subsidiaries to over-invoice costs to the home holding company, thus transferring profit out of the country. Legislation on transfer pricing was introduced in 1995 when exchange control regulations were relaxed. The law gives the SARS the power to adjust the value of offshore transactions where companies are related to one another and have entered into an international transaction.
Changes made to the South African corporate tax system in 2001 and 2002 have somewhat worsened the situation for foreign-owned companies which have tax residence in the country, although the 2003 and 2004 budgets ameliorated the situation to some extent.
The more visible measures affecting business in the 2006/7 budget included:
Adjustments to tax brackets for qualifying small businesses with turnover less than R14 million, up from R6 million.
A 150% deduction for R&D expenditure.
A tax amnesty for small businesses (turnover not exceeding R5 million) in which taxes due for years ending up to 31 March 2004 will be waived.
A 10% non-disclosure penalty will be payable in 2005.
A reduction in the transfer duty for companies and trusts from 10% to 8% with effect from 1 March 2006.
Proposal for an anti-avoidance rule in relation to the purchase of a company's shares by its subsidiary.
Manuel also announced a relaxation in exchange controls by increasing the offshore individual allowance from R750,000 to R2 million. In addition, the requirement of a 50% shareholding by South African corporate and parastatals investing in Africa has been reduced to 25%.
A 1% cut in corporate tax, and confirmation that the Secondary Tax on Companies (STC) will be replaced with a withholding tax on dividends were the key features of the 2008 South African government budget.
Finance Minister Trevor Manuel announced as part of his 2009 budget speech on February 11 that the basic legislative framework for the introduction of the new dividend tax has been completed.
The legislation providing for the dividend tax, which replaces the secondary tax on companies (STC), was enacted in 2008, and will come into force once South Africa has ratified a number of renegotiated tax treaties. However, the government has still not fixed an implementation date for the new tax, and Manuel said that it is "likely" to come into force during the latter half of 2010.
Under the dividend tax regime, local individual taxpayers will be taxed at 10%; domestic retirement funds, public benefit organisations and domestic companies will be exempt; and foreign persons will be eligible for tax-treaty benefits (i. e. a potential reduction to a 5% rate).
The tax also provides for transitional credits, so that tax paid under the secondary tax on companies can be used to offset the dividend tax. The legislation also contains a mechanism under which the paying company (or paying intermediary) withholds the tax.
South Africa customs
• 200 cigarettes • 20 of cigars • 250g of tobacco • 50ml of perfume • 250ml of eau de toilette • 2L of wine • 1l of spirits • Goods for personal use. • Travellers may be asked to pay deposit on expensive items like laptops, which is refunded to you when the item is re-exported. Residents who are coming back to the country are advised to register their personal items (jewellery, watches, cameras, laptops etc.) before leaving the country to avoid paying duty on these items when re-importing them.
• Narcotics and other controlled substances • Pornography • Weaponry, explosives and fireworks etc. • Poisonous chemical and biological substances and other health endangering substances • Cigarettes with a mass of more than 2 kilogram per 1000 units • Counterfeit goods • Goods breaking copyrights laws • Prison-made and penitentiary-made goods
• Local currency of over 10 000,- gold coins, coin and stamp collections and unprocessed gold need to be declared. • Endangered species of plants or wildlife, whether alive or dead, including any parts of and articles made from them will need permit from CITES. • Plants and products thereof (honey, margarine and vegetable oils, seeds etc.) • Animals and products thereof (dairy products, butter, eggs) Medicines for personal use need to be accompanied by the prescription and a note from your Doctor.
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Fly Airlink - Freedom of the African Sky
Baggage policy
Hand or Cabin Baggage
In addition to the checked baggage allowance, each passenger may carry without additional charges hand baggage suitable for placement in the closed overhead rack or under the passenger's seat with maximum dimensions specified by the carrier subject to space availability. Maximum dimensions for one piece are 56cm x 34cm x 23cm and maximum weight 8kg . The size of one carry on item shall not exceed the overall dimensions of 115cm.
Dimensions of hand-baggage:
The standard allowance per class for domestic and international flights is:
Business Class 2 Pieces plus 1 slimline laptop bag Economy Class 1 Piece plus 1 slimline laptop bag
The following is classified as hand or cabin baggage:
Handbag, pocket book or purse
One foldable garment bag (sum of dimensions of 185cm)
Overcoat, wrap or blanket
Umbrella or walking stick
Small camera and/or binoculars
Reading matter for flight
Infant food for consumption during the flight
Infant carry basket/carry cot
A handicapped Passenger may carry the below free of charge, even if it is carried in the aircraft hold:
1 Wheelchair (only in the aircraft hold)
1 Pair of crutches or braces
1 Small dialysis machine. For self-use of the passenger (only in aircraft hold)
1 Other orthopedic device
Braces or prosthetic devices (provided passenger is dependent on them)
Portable PC to be carried in applicable bag. The PC bag may not to be utilized for any other purpose and may not to be activated without permission from crew
Mobile phone (not to be utilized during flight).
Exceptions and Important Need-to-Knows about hand/cabin baggage
If passage is on the Lodge-Link services i. e. between Nelspruit/Skukuza and the Sabi Sands lodges - Cessna Caravan operations, an allowance of 8kg will be permitted provided such is packed in a soft/pliable bag
When, for operational reasons, there is no space in the cabin to accommodate carry-on items, such items may be carried in the hold of the aircraft.
The above articles, other than wheelchairs and infant carrying baskets, must be limited to a size which may be conveniently stowed in the aircraft’s cupboard or pod or under the seat in front of the passenger.
Persons with reduced mobility may carry free of charge one wheelchair and/or other assertive devices upon which they are dependant.
The standard allowance in Business class is two pieces of cabin baggage. Economy class allows for one piece of carry on for domestic and regional flights. This applies to all passengers travelling in economy class regardless of their Voyager or other status.
For through journeys where the passenger travels partly in Business Class and partly in Economy Class, the free hand baggage allowance on each portion of travel shall be that applicable to the class of service for which the fare is paid.
When an item, which is claimed to be one specified above, does not visibly accord with the relevant description or, if the passenger has more than one piece of hand baggage, it must be mass checked and such mass will be included in the total checked baggage mass.
Any other articles shall not be carried free, in addition to the free allowance, and the acceptance of such other articles in the passenger cabin must be limited and conform to airline regulations.
Checked or Hold baggage
The general free allowance on AIRLINK flights is 20Kg in Economy Class and 30Kg in Business Class per adult passenger.
Children & Infants paying at least 50% of the adult fare are entitled to the same baggage allowance as adults.
Infants not entitled to a seat shall only be permitted 10Kg of checked-in baggage in addition to one collapsible pram/buggy and one infant car seat.
If passage is between Johannesburg and Nose Be, Madagascar an allowance of 20kg only will be permitted per adult passenger. Note: Sporting Equipment can only form part of the free baggage allowance and no excess baggage will be permitted.
If passage is on the Lodge-Link services i. e. between Nelspruit/Skukuza and the Sabi Sands lodges – Cessna Caravan operations, an allowance of 20Kg only will be permitted per adult passenger provided such is packed in a soft/pliable bag. Note. no excess baggage will be permitted however free baggage storage facilities are provided at Skukuza Airport and Nelspruit KMIA.
If passage is between Johannesburg and Harare/Bulawayo/Lusaka/Ndola where an allowance of 30Kg in Economy Class and 40Kg in Business class applies per adult passenger.
If you are flying on a single-contract/interline no-stop ticket connecting with an SAA Regional or International flight where the baggage allowance of the most significant carrier will reflect on your ticket (If passage is on separate-contract tickets or constructed with sector fares . the baggage allowance for each ticket shall apply). See important need to know below on MSC - Most Significant Carrier .
If you are a South African Airways Voyager card holder whereby an additional free baggage allowance shall apply in the following categories; Platinum = additional 30kg; Gold = additional 20kg and Silver = additional 10kg.
If you are flying on a single-contract/interline ticket on an approved interline partner airline where the applicable airline’s allowance will reflect on your ticket.
MSC - Most Significant Carrier - Interline tickets - IATA Resolution 302 refers if you purchase a ticket which is wholly on the services of SA AIRLINK, SA AIRLINK's baggage policy will apply.
If you purchase an interline no-stop ticket involving more than one carrier, the baggage policy of the MSC will apply per direction of travel i. e. the first international carrier per direction.
The MSC policy will apply only if a through-check is possible - i. e. no night stop or stopover is permitted. However, the MSC policy is applied according to the ticket construction, so even if a passenger travelling on a "non-stop" ticket is required to clear luggage at first point of entry in South Africa, the luggage may be considered as "through-checked" in respect of the allowance.
Interline travel in conjunction with SAA domestic and some international flights may result in Piece Concept showing on a ticket whereby SAA allows one piece of luggage in economy class with maximum dimensions of 158cm and weighing a maximum of 23Kg for checked luggage before excess baggage charges shall apply. Please see www. flysaa. com baggage policy for more information on Piece Concept.
Hold space restrictions on AIRLINK aircraft due to the nature of the smaller airports which AIRLINK serves with medium-size aircraft, hold space may be restricted on full flights and/or in certain weather conditions.
In such instances AIRLINK will do all possible to load all hold baggage but, in the interest of operational safety, may opt to carry some baggage on the next available flight to your destination. Extra baggage may also be carried at an additional charge. However, this may not guarantee that the baggage is carried on the same flight on which you travel, under the afore-mentioned circumstances.
Size and Weight of Checked-In Baggage
The maximum dimensions of any one piece of baggage permitted where travel is wholly on the services of AIRLINK flights are:
90cm x 72cm x 45cm (including handle, wheels and pockets) total dimensions 207cm
Dimensions of Hold baggage:
Bulky items may also be carried up to maximum dimensions of 190cm x 75cm x 65cm (including handle, wheels and pockets) but may incur an excess baggage charge if the free baggage allowance is exceeded.
The maximum permitted weight of any one piece of checked luggage is 32Kg.
Any item exceeding the above dimensions may be booked as Cargo through the following channels: +27 11 978 1166 AIRLINK CARGO or enquiries@airlinkcargo. co. za. For more information regarding Cargo please visit www. airlinkcargo. co. za
Important information
Group 1 - Windhoek / Harare / Victoria Falls / Maputo / Mauritius / Livingstone Group 2 - Blantyre / Lilongwe / Lusaka / Luanda / Ndola / Kinshasa / Entebbe / Nairobi / Kigali, Dar Es Salaam Group 3 - Dakar / Doula / Accra / Abidjan / Brazzaville / Cotonou / Bujumbura / Pointe Noire / Libreville / Lagos
One excess charge will apply for:
Each bag (piece) exceeding the free baggage allowance – i. e. 1or 2 checked bags
Each bag exceeding the dimensions of 158cm, but not exceeding 203cm
Each bag exceeding weight per piece up to 32Kg per piece
Two excess charges will apply for:
Excess number plus oversized: for each bag exceeding 1 or 2 checked bags and exceeding the dimensions of 158cm per piece, but not exceeding 203cm per piece.
Three excess charges will apply for:
Business class - any bag the sum of three dimensions exceeds 203cm and the weight may not exceed 32kg of any bag.
Economy class - any bag the sum of three dimensions exceeds 203cm and/or the weight 23kg for the first 32kg or fraction thereof.
Each additional 10kg or fraction thereof, 1 additional excess baggage charge shall be applied; such bag shall not be carried as accompanied baggage unless prior handling arrangements have been made with the carrier.
For more information on Piece Concept on SAA please go to www. flysaa. com
Important Need - to - Know: Interlining of baggage
If baggage allowances differ per sector on an interline air-ticket (normally a sector fare construction), the allowance per sector shall be applied. In this instance, if excess baggage charges are applicable, these should be charged separately per sector however passengers may still be through-checked.
In case of through-check-in on airlines other than SAA . the applicable excess charges should be charged if required for each part of the journey. If excess baggage applies on a routing where no published excess baggage charge is available, the applicable charge applies in the direction of travel for SA sectors and for other airline sectors according to the transporting carrier's rules and charges.
Special Baggage Categories
Animal in hold (IATA code AVIH)
nótese bien Not to be accepted as excess baggage on international and regional routes – refer to Cargo.
AVIH is not included in the free baggage allowance. The animal shall be carried in a container that meets the specification of the "IATA live animals regulations". Suitable containers may be purchased from selected pet shops.
Weight Concept (WC): Normal excess baggage rates apply for all 4 crate sizes including the weight of the animal.
Pets in Cabin (IATA code PETC)
Accompanied pets and container shall not be included in the free baggage allowance and the normal excess baggage rates apply.
Carriage of dogs, cats and other pets is subject to Carrier’s approval. It is contingent on the fact that the animals are properly crated and accompanied by valid health and vaccination certificates, entry permits, and other documents require by countries of entry or transit. Airlink reserves the right to determine the manner of carriage and to limit the number of animals that may be carried on a flight within the hold.
No pets are permitted in the Cabin.
Airlink may accept for transportation in the aircraft cabin without charge:
"Seeing-eye dogs" accompanying blind passengers. Dogs trained to assist deaf passengers or comparable service dogs are carried free of charge and may be accepted in the cabin only once prior arrangements have been made with the carrier.
"Seeing-eye" and service dogs, together with containers and food will be carried free of charge in addition to the normal free baggage allowance. A medical certificate must be produced as evidence of the passenger’s dependence upon a hearing or other service dog.
Acceptance for carriage of pets or "seeing-eye dogs" or other service dogs is subject to the conditions that the passenger assumes full responsibility for such pet where carriage is not subject to the liability rules of the Convention.
Airlink will have no liability in respect of any such animal not having all the necessary documents for entry into or passage through any country unless such damage has been caused by carrier's gross negligence or willful misconduct. The passenger is liable for all damages which a pet might cause to others.
The dog, when properly harnessed, may be permitted to accompany such passenger into the aircraft cabin but shall not be permitted to occupy a seat.
Wheelchairs (IATA codes WCHS / WCHC)
No excess baggage charges shall be raised for the carriage of the following items:
A non-collapsible wheelchair or power driven wheelchair may be accepted provided the passenger is dependent on it.
Sporting Equipment
Sportsmen or women travelling individually or in groups will be permitted to include their sporting equipment in the free baggage allowance applicable to the class in which they will travel. The airline will not accept liability for damage to such articles if they are not suitably packed. Sporting equipment in excess of the applicable free baggage allowance will be charged in accordance with the current baggage policy.
The Sporting equipment classified below will attract an additional Free Baggage Allowance of 15kg per passenger. To ensure acceptance of such at the airport, a facility is offered whereby this may be pre-booked as a Special Service Requirement in respect of Sports Equipment (SSR SPEQ) through your travel agent or through the AIRLINK Reservations Help-Desk on Tel +27 11 451 7350. (The additional free 20kgs for sporting equipment is valid on South African Airways flights only)
Scuba diving equipment. Diving cylinders must be empty and hung upside down with the valve open for 24 hours prior to departure.
Cricket equipment. (Restricted to 1 Cricket Coffin per passenger on Airlink Flights). The exception being on J41 type Aircraft which only allow a maximum of 4 Cricket Coffins per flight.
Polo Mallets and Hockey Sticks.
Hiking equipment.
Bowling woods/equipment.
Snow or Water Skis provided such does not exceed does not exceed 2m in length.
Surf, Kite and Skate Boards provided such does not exceed 2m in length.
Hunting equipment / trophies.
Golfing equipment. (Restricted to 1 Golf Bag per passenger on Airlink Flights). The exception being on J41 type aircraft which only allow a maximum of 4 Golf Bags per flight.
Bicycle. (Restricted to the following maximum number of bicycles per aircraft type: J41 – 2, ERJ – 3 and RJ85 – 6)
Angling equipment. Fishing rods must be packed in protective cylinders not exceeding 2m in length.
Soccer equipment
Rugby equipment
nótese bien Sporting Equipment NOT specified above must be included in your free baggage allowance; if the free baggage allowance is exceeded, the normal applicable excess baggage rate will apply.
Musical Instruments / Bulky Baggage for Cabin Storage
Musical instruments may be accepted into the passenger cabin provided they fit under the passenger seat or in the overhead bin provided. Where in exceptional cases a passenger is prepared to pay for an extra seat in order to carry extremely valuable baggage e. g. antique musical instruments, works of art etc, acceptance is only permitted if the safety and comfort of other passengers will not be impaired and if the size of such baggage permits it to be secured on the seat in such a manner as to prevent movement forward, sideways or upwards in an emergency situation. Large musical instruments e. g. cello, guitar are not permitted in the cabin and should be placed in the hold of the aircraft.
Arrangements must be made with Airlink Control Office (tel. +27 11 451 - 7300) for fragile musical instruments/bulky baggage. This type of baggage must have "fragile" labels attached and assigned a "limited release" tag.
Perishable Produce - Domestic Services Only
A maximum mass of 10kg of perishable goods may be included in the free baggage allowance. Due to its perishable nature, it will be carried at the passenger's own risk and will not be accepted on regional flights.
Cremated Human Remains
These are acceptable for carriage as checked baggage, provided the passenger is in possession of all the necessary documentation and the casket containing the cremated remains is packed in a sealed outer box or case.
Permits are not required for the conveyance of the ashes of bodies which have been cremated in a crematorium, but a certificate of cremation must be produced if required by security prior to boarding.
Due to the limited cargo capacity and size of the cargo door on Airlink aircraft, coffins containing human remains are not accepted.
Restricted Items in Baggage
Your hold luggage should not contain:
Fragile articles
Perishable articles
Valuable items such as:
cameras and accessories
computers and accessories (notebooks and notepads)
teléfonos
legal and/or company documents
legal tender (cash cards or cheques)
bullion (gold, silver etc)
leather jackets and clothing
any types of jewelry
Airlink will assume no liability for loss or damage of the aforementioned and may refuse to carry such as checked/sky-check baggage.
Items not to be included in unchecked baggage:
The following list (aligned with ICAO and IATA recommended practice) is provided as a guideline of what items are not to be allowed in the cabin of Airlink aircraft. Items indicated on this list, except firearms and ammunition, may however be carried in the checked baggage of passengers. This does not include the obvious items considered as harmful items i. e. knives, firearms, explosives, grenades, etc.
Axes and Hatchets
Ammunition
Baseball Bats
Blackjacks
Bows and Arrows
Box Cutters
Brass Knuckles
Corkscrews
Cricket Bats
Crow Bars
Disabling Chemicals or Gases
Electronic Cigarette
Fire Extinguishers
Flare Pistols
Golf Clubs
Hammers
Hockey Sticks
Hunting Knives
Ice Axe / Ice Pick
Large Heavy Tools (Wrenches, Pliers etc.)
Martial Arts Devices
Metal Scissors with Pointed tips
Pepper Spray
Pool Cues
Portable Power Drills
Razor Blades (not in cartridge)
Religious Knives
Screw Drivers
Ski Poles
Spear Guns
Stun Guns / Shocking Devices
Swords
Tear Gas
Throwing Stars
Toy Weapons
Manicure sets, including small scissors and metal nail files are permitted.
Certain items not listed as Prohibited items which may be carried on a person or in cabin baggage for medical or other use, such as syringes and hypodermic needles should be declared to the airline check-in agent or checkpoint security staff. The airline will accept the carriage of these items in the cabin of the aircraft only if such items are accompanied by clearly labelled medication such as insulin or other life saving medicines. Unlabelled or unidentified substances accompanied with syringes, or packs of needles not accompanied by the above, may be denied for carriage on a person or within cabin baggage. Passengers carrying these items, when not requiring access to such items during flight, are encouraged to rather pack these within their checked baggage. When such items are considered as unjustified or non essential, security staff may confiscate such items if a passenger fails to provide sufficient reason and/or medical evidence to carry such items.
Further restrictions on items allowed in sterile areas of airports, may be imposed or may differ from country to country, dependant on the Policy of the Local Authorities.
Portable Electronic Devices (PEDS)
To minimize the risk of PED's interfering with the aircraft systems, the carrier must ensure that passengers are adequately briefed on the potential dangers of using PEDs onboard aircrafts. Certain PEDs may only be used during the cruise phase of the flight with permission of the Captain, who has the final authority regarding such usage. Éstas incluyen:
Laptop computers outside critical stages of flight with permission of the Captain (associated printers and CD ROM equipment may not be used)
I-Pads
Hand-held calculators and electronic games
Audio tape players and recorders
The following equipment may be used onboard the aircraft without restriction:
Heart pacemakers
Hearing aids
Clocks, watches and timers
Medical equipment approved for use in an aircraft
The following equipment is prohibited from use on board an aircraft at all times:
AM / FM / TV transmitters and/or receivers
Walkie Talkies
Remote controlled toys
Scanners
Citizen band transceivers
Cordless microphones
Satellite receivers
Portable video equipment
Electric power converters
Electronic Cigarette
Computer printers
Laser pointers
CD players and CD-ROM devices
Dangerous Goods
Items that may not be carried onboard an aircraft:
Explosive munitions, fireworks, toy gun caps and flares.
Gases. Flammable, non-flammable, deeply refrigerated aerosols, gas cylinders, lighter and butane gas hairbrush refills and liquid nitrogen.
Oxygen. For safety reasons the airline does not permit Passengers to bring their own oxygen cylinders aboard an aircraft in Checked or Unchecked Baggage. The airline also cannot supply oxygen onboard.
Flammable Liquids and Solids such as, but not restricted to, paints, thinners, solvents and firelighters.
Magnetized materials such as a compass.
Teargas, such as self-protection mace canisters.
Substances liable to spontaneous combustion and substances which, on contact with water, emit flammable gases.
Oxidizing substances (such as bleaching powder and peroxides).
Poisonous (toxic) and infectious substances.
Radioactive materials.
Corrosives (such as mercury, acids, alkalis and wet cell batteries).
Magnetized materials and miscellaneous dangerous goods as listed in the IATA Dangerous Goods Regulations.
Items that may be carried onboard an aircraft:
Medicinal and toilet articles in small quantities which should not exceed 2kg or 2 liters. Each individual article should not exceed 0.5kg or 0.5 liters. This includes such items as hairsprays, perfumes and medicines containing alcohol.
Alcoholic beverages. The maximum quantity of alcoholic beverages may not exceed 5 liters and may not exceed 70% alcohol volume.
Carbon dioxide gas cylinders for the operation of mechanical limbs. Spare cylinders are also permitted.
Dry ice. A maximum of 2.5kg dry ice may be carried provided it is well ventilated to allow the escape of carbon dioxide gas.
Medial / Clinical thermometer. For personal use only and must be in a protective case.
Two small non-flammable gas cylinders which are fitted into a self-inflating life jacket plus two spare cartridges.
Hair curlers containing hydrocarbon gas. No more than one set per passenger or crew member, provided that the safety cover is securely fitted over the heating element. These hair curlers must not be used on board the aircraft at any time. Gas refills for such curlers are not permitted in checked or carry-on baggage.
Personal smoking materials intended for use by an individual when carried on their person. However, lighter fuel and refills and lighters containing unabsorbed liquid fuel are not permitted.
Cardiac pacemakers containing radioactive material such as plutonium batteries, when surgically implanted in medical patients.
Items that may only be carried in the Cabin of a Passenger Aircraft
Pacemakers. Passengers with surgically implanted cardiac pacemakers powered by lithium batteries may travel onboard without restriction.
Matches or a lighter. Only enough for personal use and must be carried on the person.
Underwater torches or soldering iron. The heating element or the batteries must be removed.
Mercurial barometer – may only be carried by a weather bureau official and must be securely packed in leak-proof and puncture-resistant packing.
Items that may only be carried in the Hold of a Passenger Aircraft
Ammunition. Cartridges in quantities not exceeding 5 kg per passenger for sporting purposes provided it is securely boxed.
Aqualung air cylinders. Only empty cylinders used for water diving will be accepted.
Battery operated wheelchairs wet and dry cell. Wheelchairs can be carried in the hold of all aircraft.
Items that are forbidden on Passenger and Cargo Aircraft
Security equipment such as attaché cases, cash boxes and cash bags incorporating dangerous goods, such as lithium batteries and/or pyrotechnic material, are totally forbidden.
Disabling devices. Disabling devices such as mace, pepper spray, etc. containing an irritant or incapacitating substance is prohibited on the person, in checked baggage and cabin baggage.
Ammunition with explosives or incendiary projectiles are completely prohibited for carriage by air.
Firearms and Ammunition (Subject to arrangement with Airlink prior to departure)
South African Laws prohibit the carriage of firearms and ammunition in checked or cabin baggage of a passenger. These firearms and ammunition must be produced to security staff for the correct handling. A maximum weight of 5kg of ammunition may be transported. As of 01 November 2007, no hand weapons (small-arms, handguns i. e. pistols/revolvers) will be accepted or may be transported on any Airlink aircraft. However, hunting rifles, shotguns and hunting handguns may be transported as checked baggage but only to and from the following destinations:
Antananarivo
Beira
Bloemfontein
Bulawayo
Cape Town
Durban
East London
Gaborone
Harare
Kasane
Kimberley (ZAR200 for loading and ZAR200 for off loading per hunting rifle and shotgun). No fee to be paid for service in Cape Town, only Kimberley.
Kruger Mpumalanga International Airport, Nelspruit
Lusaka
Manzini
Maputo
Maseru
Maun
Mthatha
Nampula
Ndola
OR Tambo International, Johannesburg
Pemba
Phalaborwa
Pietermaritzburg
Polokwane
Port Elizabeth
Sishen
Skukuza (Station Manager MUST be advised)
Tete
Upington
Vilanculos
Hunting rifles ONLY may be transported to and from the following destinations:
Unfortunately, the Airline is prohibited from transporting any firearms to or from the following destination –
Rifles and shotguns will not be accepted as Checked Baggage, unless approved no less than three (3) working days prior to departure through AIRLINK Reservations Control Tel +27 11 451 7350. Rifles must be unloaded with the safety catch on, and suitably packed and accompanied by all documents legally required by the countries of departure, destination and any stopovers. Only five (5) kilograms of ammunition is allowed per Passenger. Ammunition will never be carried in the cabin or flight deck of the aircraft. Ammunition must be packed separately and securely from the firearm case.
Weapons such as antique firearms, swords, knives, toy or replica guns, bows and arrows and similar items may be accepted as Checked Baggage only at the airline's discretion. This is subject to prior approval and will not be permitted in the cabin or flight deck of the aircraft.
AIRLINK will have no liability or responsibility where any item accepted is removed from Checked Baggage and/or retained or destroyed by security personnel, government officials, airport officials, police or military officials or other airlines involved in the carriage of a Passenger.
Baggage Irregularities
Any item(s) of baggage which is mislaid, wrongly labelled, misrouted or damaged whilst in the custody of AIRLINK shall be regarded as mishandled baggage.
Mishandled baggage should be reported immediately upon arrival at the Baggage Enquiries office in the arrivals area.
First - Need Items
Essential items of clothing and toiletries may be purchased and claimed from Airlink should baggage which has been mislaid by Airlink or its appointed handling agent not be returned to the passenger on the same day, except where the passenger resides in the area where the loss has been reported. Such items are restricted to maximum value of ZAR350.00 per day until the checked baggage is recovered, limited to a maximum of 5 days.
Limitations on Settlements
The extent of AIRLINK’s liability is determined by the applicable Convention being either the Montreal Convention or the Warsaw Convention.
The liability of the Airline in regards to any claim that the Passenger may have against Airlink in regards to Loss or Damage to Baggage is limited to the higher of:
the sector fare paid by the Passenger for the Ticket; o
the applicable Convention in terms of any claims related to the loss of or damage to Baggage, provided that the Passenger comply in all material respects with the procedures in submitting the claims as provided for in the applicable Convention.
Right to Refuse Carriage
Airlink may refuse to carry as baggage:
Any item reasonably considered to be prohibited or unsuitable for carriage because of its size, shape, weight, content, character, for safety or operational reasons, the comfort of other passengers or which are fragile or perishable having regard to, amongst other things, the type of aircraft being used. Information about unacceptable items is available from us or our authorized agents upon request.
Items of which the carriage is prohibited by the applicable laws, regulations or orders of any state to be flown from or to.
Airlink may refuse the acceptance of baggage for carriage unless it is in reasonable condition as well as properly and securely packed in suitable containers.
&dupdo; Copyright 2017 Airlink - Website by WildWeb
Topping up foreign holiday allowance
A Fin24 user wants to know about the R1m allowance South Africans may use when going on holiday overseas. He writes:
I spend five months of the year holidaying in Europe and have set up a Euro Bank account with Lloyds International Bank to fund my holiday expenses.
I want to top this up with R500 000.
Can I do this using my R1m holiday allowance or do I have to get a Sars clearance certificate before the funds can be transferred?
If I can use my allowance, what is the procedure to follow to get these funds transferred?
Jan Lombard, head of financial surveillance at Bidvest Bank. responds:
Yes you can use your R1m holiday allowance if it falls within the same calendar year.
Since you will not be in South Africa, you will have to sign a power of attorney with the bank to do the subsequent top-up on your behalf, if within the same calendar year.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
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South Africa: Repo Rate Static Until Extent of Oil Shock is Determined
Headline CPI falls 0.4 pp from 7.6% to 7.2% in December 2017
SARB to wait and see full effects of oil price shock and rand exchange rate before adjusting rates
USD/ZAR Range Trades
Effective from July of 2017, the South African Reserve Bank ‘s Repo rate stands at 5.75% and looks to remain static until the SARB can assess the full impact of oil’s price shock on the economy. Thus, as explained by Governor Lesetja Kganyago, December’s drop in the consumer price index may not necessitate an immediate move in the interest rate.
Reported at an annual rate, CPI fell from 5.8% in November of last year to 5.7% a month later in December. Component by component, the annual rate of inflation for food and non-alcoholic beverages fell by 0.4pp from 7.6% to 7.2%, housing and utilities decreased from 5.8% to 5.7%, and transportation declined by 1.7% due to a 69 cent/litre drop in the price of petrol. However, while headline CPI is on the decline 4Q inflation expectations see the weakened rand continuing in its role as a shock absorber.
After taking into account the views of analysts, trade unions, and business people, the average expectation for CPI in 2017 was lowered by 0.3pp to 5.8%. While lower, this figure still remains near the top of the target’s 3-6 percent band. As noted by Governor Kganyago, during an interview at the World Economic Forum, this placement should be taken under consideration when determining the appropriate repo rate. With headline inflation falling and expectations still raised, policy makers will likely take a wait and see approach, monitoring the interaction between oil prices and the rand exchange rate.
At present it is unclear whether oil will be sustained at $50, creating a natural disinflationary pressure, or whether an ECB QE (if implemented) will led to a rand appreciation as did the Fed’s QE.
USD/ZAR Daily Chart
DailyFX proporciona noticias forex y análisis técnico sobre las tendencias que influyen en los mercados de divisas globales. Aprenda el comercio de divisas con una cuenta de práctica libre y gráficos comerciales de FXCM.
South African Customs: items & amounts you can bring in duty free
South African Customs regulations afford visitors to the country the opportunity to bring in certain goods without incurring duties and value added tax (VAT). These are limited in quantity and value. On arrival, you can take the green ‘nothing to declare' channel if you stick to these allowances:
Other new or used goods not exceeding R3 000 (Additional goods, new or used, exceeding R12 000 will incur a duty charge of 20%)
Wine not exceeding 2 litres per person over the age of 18
Spirits and alcohol not exceeding l litre per person over the age of 18
Cigarettes not exceeding 200 and cigars not exceeding 20 per person over the age of 18
250g cigarette tobacco or pipe tobacco per person over the age of 18
Perfumery not exceeding 50ml and toilet water not exceeding 250ml per person
But, if you have goods in excess of these allowances, take the red channel and declare your items, where you will be billed at the applicable rates by representatives of South African Customs. Note also, that if you are importing for business and commercial intent, you will also not qualify for these allowances, other than personal effects.
Customs in South Africa further stipulates that when you leave the country you are permitted to take up to R500 in South African Reserve Bank notes. A 20% levy is charged on higher amounts.
Easy Customs Walk-thru (entry)
FAQ’s
Passengers flying domestically in South Africa should check always on baggage allowance restrictions for the particular airline they’re travelling with.
South African Airways Baggage Allowance
Domestic travel with ‘South African Airways’ allows passengers travelling in ‘Economy Class’ free checked baggage of one item with a maximum weight of 23kg and dimensions not exceeding 158cm. ‘Business Class’ travellers have an allowance of one item with a maximum weight of 32kg and maximum dimension of 158cm.
Infants and children that pay at least half of the adult fare are permitted the same allowance as adults for their baggage but infants that have not purchased a seat have an allowance of only one item with a maximum weight of 23kg with a car seat or buggy or collapsible pushchair.
Baggage exceeding 32kg will not be allowed and will be checked in as cargo and charged at the rate for cargo.
Hand baggage permits ‘Business Class’ passengers two items weighing no more than 8kg each while ‘Economy Class’ passengers have an allowance of one item with a maximum weight of 8kg. Both classes of travel may not exceed dimensions of 56x36x23cm for each item. In addition passengers are permitted one small bag or ‘slimline’ laptop case. Hand baggage must fit into the overhead compartment or underneath the seat in front and must not block aisles or any exits.
Elderly or passengers with decreased mobility are permitted to carry for free one wheelchair or assistive device.
The charge for ‘Business Class’ passengers with excess baggage is R350 per item while ‘Economy Class’ passengers will incur a charge of R250 per item.
Sporting equipment has a free allowance per passenger of one item with a weight of no more than 23kg and dimensions not exceeding 158cm. Specified items may be taken on board if an additional seat is purchased to retain the item.
Firearms and ammunition are allowed, provided transportation safety procedures are adhered to and ammunition that is separately packed, weighing up 5kg is permitted for free.
Transportation of musical instruments has no special free baggage allowance, but specific instruments are permitted in the cabin and/or held in an extra seat. These instruments may not contain any substance or item deemed as dangerous.
Sharp items of any nature are not permitted in the cabin and must be packed in checked baggage.
Kulula Airlines Baggage Allowance
‘Kulula’ permits passengers one free checked bag weighing no more than 20kg with dimensions not exceeding 75x43x90cm inclusive of wheels, handles and pockets.
Checked baggage that exceeds the weight of 20kgs per item is deemed as ‘heavy baggage’ and at the airport will incur a R250 charge per item. Items of baggage exceeding the weight of 32kgs (and the stipulated dimensions) will be carried as cargo, on a different flight for which the passenger will be charged.
Additionally passengers are permitted one item of hand baggage not exceeding 7kg in weight with dimensions not exceeding 36x23x56cm (inclusive of wheels, handles and pockets), a ‘slim-line’ laptop bag or a small personal bag or handbag. Items exceeding these limitations will be returned to check-in and passengers will have to buy an additional bag of 20kgs for R350.
Children aged from 2 to 12 years are allowed for free, one checked bag not exceeding 20kg as well as a car seat and collapsible pushchair, additionally one item of hand baggage not exceeding 7kg and one small bag. Additional bags, at a discount rate of 30% may be purchased online 24 hours prior to flight departure.
Infants under two years are permitted for free one checked bag not exceeding 20kg, a car seat, a collapsible pushchair and one item of hand baggage not weighing more than 7kgs. Additional bags may not be purchased.
An exception is made for elderly passengers or those with less mobility who may divide the weight of their one free 20kg bag into two bags, together weighing a total of 20kgs. ‘Kulula’ does not charge additional fees for transporting necessary medical equipment like dialysis machines or wheelchairs but arrangements must be made by contacting 0861 585 852 prior to flight departure.
Passengers that have baggage exceeding the stipulated limitations can purchase extra bags by phoning 0861 585 852 or when booking online at a charge of R245 per bag and payment by credit card. Alternatively for R350, extra bags can be purchased at the ticket sales counters at the airport. This must be done within 2 hours prior to flight departure.
‘Kulula’ transports most sporting equipment. Passengers travelling with sports equipment in addition to their free one 20kg bag are advised to purchase an additional bag online (within two hours of flight departure) for R245. Sports equipment baggage may not exceed 190x75x65cm and if weight exceeds 20kg, a ‘heavy bag’ charge will apply.
Under no circumstances will ‘Kulula’ allow through check-in compressed gases, corrosive, explosives, flammable liquids/solids, radioactive or oxidising materials, poisons or infectious substances.
Firearms are not permitted on board or in cargo.
Mango Airlines Baggage Allowance
‘Mango’ allows checked baggage of up to 20kgs that may consist of more than one bag, but the total bags may not exceed 20kgs. Any baggage in excess of this allowance will be charged per kg at the existing rate, both ways. Any item of luggage in excess of 32kgs will not be accepted for transport.
‘Economy Class’ passengers may take one item of hand baggage weighing no more than 7kgs and not exceeding 36x23x56cms in dimension as well as an overcoat and handbag or ‘slimline’ laptop bag. Passengers travelling with an infant on their lap may take a small catering bag with necessary in-flight items needed for the infant. Any items exceeding these requirements will have to be checked in.
Not accepted in hand baggage are any sharp items that maybe utilised as weapons or toy guns.
Accepted for check-in are knives packed in the passenger’s baggage and conventional crossbows provided strings are relaxed with dismantled arrows and bow.
In the cargo hold lamps, shades and similar items including liquor cartons and liquids are allowed provided they are marked fragile, packaged properly and do not exceed the baggage limitations.
Certain sporting equipment is transported by ‘Mango’. Passengers may take a tennis racquet on board if there is adequate space and surfboards are subject to space availability in the cargo hold. Fishing and diving equipment must be encased and checked in, including limited bowling gear. Golf equipment must be properly sealed and bicycles packed in shipping boxes for which handling fees are applicable.
‘Mango’ does not transport firearms, cross bows operated with a gas cylinder, air/paintball guns or incubators.
A total of 2.5kg dry ice in a ventilated container is accepted into the cargo hold with the container detailing the name of contents and net weight.
Skywise Airlines Baggage Allowance
‘Skywise’ passengers are entitled to free checked baggage of 20kgs and one item of hand luggage weighing no more than 7kgs that must fit into the overhead bin. If baggage exceeds the 20kg limit, a fee of R35 per extra kilogram (over the 20kg) will be incurred. Sporting equipment is included within the allowance of the passenger’s 20kg checked baggage.
FlySafair Airlines Baggage Allowance
‘FlySafair’ allows passengers free hand-baggage of 7kgs with dimensions of no more than 56x36x23cm and which must fit into the overhead compartment. They do not allow free checked baggage but passengers wishing to purchase a checked in 20kg bag can do so for R150 via the call centre or website (payable by card) or at the airport for R250 (payable by cash or card). An extra 20kg bag will cost of R250 either online, via the call centre or at the airport. The maximum dimension for checked baggage is 90x75x43cm. Checked in and extra baggage can be purchased four hours prior to flight departure.
Passengers travelling with in infant under two years may take for free, a car seat and pushchair but camp cots need to be checked in.
Sports equipment costs R280 per item per person and may not exceed 32kgs with dimensions not exceeding 190x75x65cm. Passengers should check on the website for the costs for specific items.
Firearms are strictly prohibited aboard ‘FlySafair’ flights.
British Airways Baggage Allowance
Operated by ‘Comair’ in South Africa, ‘British Airways’ (BA) allows ‘Economy Class’ passengers one free bag of checked in baggage with a weight not exceeding 23kg. Bags in excess of 23kg will incur a charge of R250 and bags weighing more than 32kg will not be accepted but sent as cargo. Passengers travelling ‘Business Class’ are permitted two free bags checked baggage with weights not exceeding 32kg each which is also applicable for ‘Silver’ and ‘Gold Executive Club Members’ irrespective of class of travel. Passengers flying on the same booking as a ‘Silver’ or ‘Gold Executive Club Member’ receive the same privilege.
Passengers allowance for hand baggage is one bag weighing no more than 7kgs with a maximum dimension of 56cmx36cmx23cm and a small handbag or ‘slimline’ laptop bag.
Children older than two years have the same baggage allowance as adults irrespective of their class of travel. Infants are permitted one checked bag not weighing more than 23kg regardless of class of travel plus a car seat and collapsible pushchair.
‘BA’ transports musical and sports equipment which is to be included in the allowance of the passenger’s free checked baggage.
Passengers with mobility aids or acceptable medical devices are allowed to carry these at no charge.
Firearms and ammunition will incur a handling fee.
Pets including their food, containers and carriers will incur a handling fee of R350 per container, which must comply with stipulated dimensions and size.
Excess baggage may be purchased, at the airport, for a fee of R350.
Thanks everybody that provided information and sorry for not getting back earlier.
I just want to confirm that my experience last October was similar than yours. The weight of the checked baggage was controlled, but they did not weigh our hand bags. This was nice since you probably get to the limit very easily. In fact, we also observed that there were other passengers with a higher number of hand pieces than allowed.
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Original Article
Journal of Public Health Policy (2011) 32, S80‗S93. doi:10.1057/jphp.2011.28
Analyzing the implementation of the rural allowance in hospitals in North West Province, South Africa
Prudence Ditlopo a. Duane Blaauw a. Posy Bidwell b and Steve Thomas b
a Centre for Health Policy & Medical Research Council Health Policy Research Group, School of Public Health, University of the Witwatersrand, Johannesburg, Private Bag X3, Wits, Johannesburg 2050, South Africa
b Centre for Health Policy and Management, Trinity College, Dublin, Ireland
Abstract
Using a policy analysis framework, we analyzed the implementation and perceived effectiveness of a rural allowance policy and its influence on the motivation and retention of health professionals in rural hospitals in the North West province of South Africa. We conducted 40 in-depth interviews with policy-makers, hospital managers, nurses, and doctors at five rural hospitals and found weaknesses in policy design and implementation. These weaknesses included: lack of evidence to guide policy formulation; restricting eligibility for the allowance to doctors and professional nurses; lack of clarity on the definition of rural areas; weak communication; and the absence of a monitoring and evaluation framework. Although the rural allowance was partially effective in the recruitment of health professionals, it has had unintended negative consequences of perceived divisiveness and staff dissatisfaction. Government should take more account of contextual and process factors in policy formulation and implementation so that policies have the intended impact.
Palabras clave:
rural allowance; policy analysis; motivation; retention; health professionals; Sudáfrica
Introducción
Worldwide, there is a shortage of health professionals working in rural areas 1. 2 and this is a major obstacle to achieving the health Millennium Development Goals and improving health service access. South Africa has more health professionals than neighboring African countries, but it has a severe mal-distribution of personnel between the public and private sectors and between rural and urban areas. 3 In 2004, 46 per cent of the South African population lived in rural areas, yet they were served by only 12 per cent of doctors and 19 per cent of nurses. 4
The South African government has made several attempts to redress the imbalance of health professionals between rural and urban areas ( Table 1 ), 3. 5 but researchers or government have not evaluated implementation of these policies systematically. 4
We analyzed the implementation and perceived effectiveness of a rural allowance policy and its influence on the motivation and retention of health professionals in rural hospitals in the North West province of South Africa. The results are part of a larger multi-country project investigating health worker motivation and retention in South Africa, Tanzania, and Malawi. 6 Table 1 summarizes South Africa's relevant post-apartheid policy initiatives to provide context.
Métodos
Conceptual framework
We used the Walt and Gilson policy analysis framework focusing on four related factors critical to understanding public policy-making ( Figure 1 ): 7 actors, policy content, contextual factors, and process.
Framework for health policy analysis. Source . Walt & Gilson, 1994. 7
Full figure and legend (60K )
Study design
We used a multiple descriptive case study design, with complementary methods: document reviews, key informant interviews with policy-makers, and in-depth interviews with hospital managers and with health professionals.
Study setting
We conducted the study in the North West province, a predominantly rural province with a population of 3.2 million (6.4 per cent of the total South African population). 8 We selected five hospitals out of a total of 30: all three district hospitals participating in a national hospital revitalization programme (the broader study focus), and two other randomly selected hospitals.
Research instruments and study participants
The University of the Witwatersrand and the North West Department of Health Research Ethics Committee approved the study, as did hospital managers. All participants signed consent forms after receiving an information sheet.
The study team reviewed relevant National Department of Health policies, including the rural allowance policy to understand its content, along with relevant media releases. We then selected policy-makers purposively on the basis of their influence or knowledge about the rural allowance policy process. We used a ‘snowballing’ sampling approach, asking each policy-maker to identify others to interview. The study team conducted face-to-face key informant interviews with seven policy-makers from national and provincial government and health professional bodies using a semi-structured interview guide derived from the policy framework. We also conducted in-depth interviews with five hospital managers, 22 nurses, and six doctors in the study hospitals. We taped all in-depth interviews and then transcribed them.
Análisis
We conducted a thematic content analysis 9 using the ATLAS. ti software program, using a common coding framework to ensure consistency. Two researchers first independently read six transcripts from different groups of participants and then discussed coding discrepancies until they reached agreement.
Findings
Analyzing the rural allowance policy
Contextual factors
In 2004, near the time of the country's second democratic elections, the South African government introduced a rural allowance policy to address geographical inequities in health personnel distribution within the country. Although the timing suggests a political motive, one respondent commented on the context of policy implementation: It was a huge policy problem that we have enormous inequities in the distribution of doctors in rural areas. The reason for the rural allowance is that health workers tend to drift to cities, so countries put in place incentives like rural allowances to try to send most of the health workers to more remote areas. (Policy-Maker 7, National Government)
Policy content
The intention of the rural allowance policy was to attract and retain health professionals to work full-time in public health services in rural, under-served, and other inhospitable areas identified by provincial health departments. Government awarded the rural allowance, a non-pensionable fixed percentage linked to the annual salary notch 10 to most categories of health professionals including doctors, dentists, dieticians, pharmacists, psychologists, radiographers, therapists, and professional nurses with 4-year diploma or degree. The policy excluded junior nurses (enrolled nurses with 2 years of training and nursing assistants with 1-year training).
Government paid doctors allowances of 18‗22 per cent of their annual salaries, 8‗12 per cent for professional nurses, and awarded payments retrospectively to July 2003. We could not determine why policy-makers excluded junior nurses, how they determined the salary percentage additions, or what information they considered to set the allowance scale. Policy-makers, when interviewed, were also unclear on the evidence that guided the rural allowance decisions. One policy-maker commented on the lack of evidence used to inform the development of the rural allowance: I think there wasn’t proper research done to say what is it that other countries are paying [ to ] keep their doctors. (Policy-Maker 5, Health Professions Council)
The rural policy called for an annual review of the allowance, notably the percentage allowance and health professional eligibility. When the rural allowance was introduced, the Department of Health was required to conduct an analysis as part of the agreement. I think it was supposed to be an annual or every third year analysis, I can’t remember the specifics. That would then determine if they needed to roll it out further or extend it. (Policy-Maker 2, National Government)
The Department of Health has not conducted a review nor has it evaluated the effectiveness of the rural allowance: I can’t say whether rural allowance is effective or not, because we haven’t done research …, I am not sure whether the allowance brought more doctors and health professionals into those areas and secondly if at all they were retained there. (Policy-Maker 2, National Government)
Media releases in 2004 quoted the Minister of Health claiming that the rural allowance would benefit 33 000 full-time health professionals working in designated areas; and that an entry-level medical doctor working in a rural area with an annual salary of R150 000 (US $ 21 000; $ 1 = R7) would gain R15 000 (US $ 2100) per year. 11
Government added R500 million (approximately US $ 71 million) in 2004 and a further R750 million (US $ 107 million) in 2005 for the implementation of the rural allowance. 12 In the absence of evaluations or annual reviews, we do not know how many health professionals benefited from the allowance.
Policy implementation
The interviews with policy-makers and health managers indicated that there were problems with the implementation of the rural allowance policy. At least four policy-makers and all hospital managers reported that the Department of Health failed to implement this policy effectively, leaving information gaps, uncertainty, and room for subjective policy interpretation. Provincial health departments designated ‘rural areas’ without national oversight for consistency within or across provinces. For awarding rural allowances, the provincial Department of Health relied on an outdated list of hospitals that excluded a number of rural institutions: I think rural allowance was most appropriate but it was not necessarily implemented correctly because the declaration of what is rural depended on the provinces. And the problem is that if you leave any policy to individual interpretation, you’ll actually have a problem. (Policy-Maker 1, National Government)
Communication among hospital managers and health professionals, particularly those in excluded categories, was another weakness: There was no clear communication to the nursing profession resulting in confusion. And even managers within the health services found it difficult to understand. As a result, when nurses queried whether they are eligible or not, the responses they got were often not helpful. (Policy-Maker 6, Health Professions Council)
Actors and their roles
The key institutional actors included the Department of Health, the National Treasury, the Department of Public Service and Administration (DPSA), representatives from the Public Health and Welfare Sectoral Bargaining Council, and the relevant trade unions. One respondent defined the role of the DPSA: We as the DPSA assist in dealing with all financial implications and technical implementation. The reason for that is that our own minister [ of DPSA ] is the person who can determine or approve any allowance in the Department of Health. (Policy-Maker 2, National Government)
Perceived effectiveness of the rural allowance
Figure 2 presents key themes about perceptions of all the respondents on the effectiveness of the rural allowance and links between the policy development and implementation processes.
Key themes on the perceived rural allowance effectiveness and linkages with the policy development and implementation processes.
Full figure and legend (38K )
Partial effectiveness of rural allowance in recruitment
Some hospital managers reported that the rural allowance had been partially effective in attracting health professionals to their facilities. One commented: Since our hospital was considered rural and our nurses started getting the rural allowance, we were able to attract more nurses. (Hospital Manager 9, District Hospital)
Other managers argued that the rural allowance was only effective in addressing short-term recruitment needs: … you give people a rural allowance but salary excites you for the first three to four months. And we know, the more you earn, the more you want … and that's basically the challenge, it doesn’t make a sustainable impact. (Hospital Manager 1, District Hospital)
Rural allowance seen as divisive
Almost all policy-makers, hospital managers and health professionals (doctors and nurses) consistently perceived the rural allowance to be divisive because it excluded junior nurses. The excluded cadres felt undervalued and dissatisfied, thus affecting team spirit. The rural allowance is only paid to professional nurses. Enrolled nurses and assistant nurses are not getting a rural allowance … this causes a lot of conflict because sometimes if you work with a registered nurse, and she wants you to assist her, you say to her: “do your work; you are getting the rural allowance”. (Enrolled Nurse, District Hospital)
Some nurses (professional and junior nurses) felt that equity was compromised in the implementation of the rural allowance: I feel that the rural allowance is unfair … It can be better if we were all getting it because personally I feel bad because it looks like some of us are better than others. (Professional Nurse, District Hospital)
All doctors and most of the professional nurses who received the rural allowance indicated that it was low relative to their total salary and felt unhappy that this amount would not be included in the calculation of their retirement pensions.
Remoteness of the area not considered
The implementation of the rural allowance was not linked to the remoteness of rural areas. Health professionals working in deep rural areas received no more than those in semi-rural areas. One hospital manager commented: The problem with the rural allowance is that what a person gets here [ deep rural area ] . is the same amount that a person gets in Vryburg [ rural town ] . The semi-rural areas should have a lower percentage than the extremely rural areas. (Hospital Manager 3, District Hospital)
Financial incentives alone are insufficient
Most participants (nurses, doctors, health managers, and policy-makers) indicated that financial incentives alone are insufficient to motivate and retain staff. You can give people a million [ rands ] but after a year they will go. So the strategy should not only be about money. It is true, money helps but if you have kids that go to school, you won’t come here because there are no good schools. But there are other things that the management can do; they can send people for training. For example, people can be sent to a bigger hospital for six months to enhance their speciality skills. (Doctor, District Hospital)
A doctor in a Regional Hospital commented: I get a rural allowance; it's about two thousand rands. For me to get to town just to get a decent meal at a restaurant, I have to travel for about 80 km. There are no recreational facilities here. So you actually spend that money on transport anyway.
Discusión
This study illustrates that good policies with admirable intentions can have reduced impact or even negative consequences because of process and implementation weaknesses. The successful implementation of future retention strategies will require more coordinated effort across a range of governmental actors. Particular attention needs to be paid to process issues, better communication, use of evidence to inform policy and effective monitoring and evaluation.
Previous reviews of retention strategies found that financial incentives can improve recruitment and retention in the short-term, but long-term impact on retention is less certain. 13. 14. 15 We found unintended negative consequences from design and implementation shortcomings. Our findings contrast with those of Reid 5 who found that between 28 and 35 per cent of his study population, mainly professional nurses, remained in rural hospitals as a result of the rural allowance. Reid collected data soon after the implementation of the policy and near in time to the large back-dated payouts received by health professionals. Both could have influenced responses. In the absence of before and after studies, evidence on the effectiveness of financial incentives remains inconclusive. 14
Some studies found that financial incentives alone are insufficient to motivate and retain health professionals. 16. 17 Some demonstrated that non-financial incentives related to working and housing conditions had greater potential to influence retention. 18. 19 Others recognized that health professionals will always move, often for reasons beyond the influence of any workforce retention programme, no matter how well designed. 14 Thus, no single measure is likely to improve motivation and retention if other factors are not taken into consideration.
The provincial governments’ efforts to engage and consult with local managers and providers during implementation of the policy were weak, particularly in relation to the exclusion of junior categories of nurses and the differential allowance increases. Central level policy-makers were the key actors driving the overall policy process, suggesting a top‗down approach in the formulation of the rural allowance policy.
Policy development should be guided by the best available evidence and every attempt should be made to generate rigorous evidence if novel or untested policies are adopted. 20 Because respondents perceived the rural allowance to have had limited effect on the motivation and retention, policy-makers should obtain better data on the factors that influence health workers’ location choices in order to develop more appropriate human resource interventions in future. 21
Although the rural allowance policy document called for annual reviews, government did not develop a framework to monitor potential implementation challenges nor evaluate policy impact. The rural allowance is an expensive intervention to have been left without proper evaluation.
Limitations
Our data are valuable as they represent views of those closely involved in formulating the policy or responsible for its implementation, but we recognize that such accounts are inevitably influenced by the respondents’ viewpoints at the time of the event and the interview. Another limitation of the study is that it was only conducted in one province although some aspects of the policy formulation relate to national processes.
Conclusión
The use of financial incentives to motivate and retain health professionals is particularly challenging; limited resources make it difficult to provide allowances to all categories of health professionals, their impact may be short-lived, and they may be inadequate if implemented alone. Retention strategies combining financial and non-financial incentives are likely to be more effective than increased remuneration alone, but these would need to be tailored to individual country contexts.
Referencias
Grobler, L. Marais, B. J. Mabunda, S. A. Marindi, P. N. Reuter, H. and Volmink, J. (2009) Interventions for increasing the proportion of health professionals practising in rural and other underserved areas (Review). Cochrane Database of Systematic Reviews CD 0053 14 (1): 1‗25.
Hamilton, K. and Yau, J. (2004) The Global Tug-of-War for Health Care Workers. Migration Policy Institute, http://www. migrationinformation. org/Feature/print. cfm? ID=271. accessed October 2010.
Department of Health (DOH). (2006) National Human Resource Plan. Pretoria, South Africa: DOH.
George, G. Quinlan, T. and Reardon, C. (2009) Human Resources for Health: A Needs and Gaps Analysis of HRH in South Africa. Durban, South Africa: Health Economics and HIV & AIDS Research Division (HEARD), University of KwaZulu-Natal.
Reid, S. J. (2004) Monitoring the Effect of the New Rural Allowance for Health Professionals. Durban, South Africa: Health Systems Trust.
Ditlopo, P. and Blaauw, D. (2010) The impact of human resource interventions on the motivation and retention of health professionals in South Africa. Johannesburg: Centre for Health Policy, School of Public Health, University of Witwatersrand, Johannesburg.
Walt, G. and Gilson, L. (1994) Reforming the health sector in developing countries: The central role of policy analysis. Health Policy and Planning 9. 353‗370. | Article | PubMed |
Statistics South Africa. (2010) Mid-year Population Estimates Pretoria: Statistics South Africa. Report No. P0302.
Green, J. and Thorogood, N. (2004) Qualitative Methods for Health Research. London: Sage.
Department of Health. (2004) PHWSBC Resolution No. 2 of 2004: Revised non-pensionable recruitment allowance, referred to as ‘rural allowance’, http://www. doh. gov. za/docs/index. html .
Venter, B. (2004) More cash for health workers in rural areas. The Star 29 January.
Kahn, T. (2006) Salary review for health workers. Health Systems Trust News 20 June.
Bärnighausen, T. and Bloom, D. (2009) Financial incentives for return of service in underserved areas: A systematic review. BMC Health Services Research 9. article 86.
Buykx, P. Humphreys, J. Wakerman, J. and Pashen, D. (2010) Systematic review of effective retention incentives for health workers in rural and remote areas: Towards evidence-based policy. Australian Journal of Rural Health 18. 102‗109. | Article | PubMed |
Sempowski, I. P. (2004) Effectiveness of financial incentives in exchange for rural and underserviced area return-of-service commitments: Systematic review of the literature. Canadian Journal of Rural Medicine 9 (2): 82‗88. | PubMed |
Largade, M. and Blaauw, D. (2009) A review of the application and contribution of discrete choice experiments to inform human resources policy interventions. Human Resources for Health 7 (62).
Willis-Shattuck, M. Bidwell, P. Thomas, S. Wyness, L. Blaauw, D. and Ditlopo, P. (2008) Motivation and retention of health workers in developing countries: A systematic review. BMC Health Services Research 8. article 247.
Wilkinson, D. Symon, B. Newbury, J. and Marley, J. E. (2001) Positive impact of rural academic family practices on rural medical recruitment and retention in South Australia. Australian Journal of Rural Health 9. 29‗33. | Article | PubMed |
Wilks, C. M. Oakley Browne, M. and Jenner, B. L. (2008) Attracting psychiatrists to a rural area ‗ 10 years on. Rural and Remote Health 8 (1): 824. | PubMed |
Hewison, A. (2008) Evidence-based policy: Implications for nursing and policy involvement. Policy, Politics and Nursing Practice 9 (4): 288‗298. | Article |
Dolea, C. Stormont, L. and Braichet, J. (2010) Evaluated strategies to increase attraction and retention of health workers in remote and rural areas. Bulletin of the World Health Organization 88. 379‗385. | Article | PubMed |
Expresiones de gratitud
The study was funded by Irish Aid and administered through the Health Research Board in Ireland. We would like to thank all study participants.
About the Authors
Prudence Ditlopo, MA (Research Psychology), is a researcher at the Centre for Health Policy (CHP), School of Public Health, University of the Witwatersrand, Johannesburg. She conducts research on human resources for health.
Duane Blaauw is a medical doctor and public health specialist with additional qualifications in public management, medical science, tropical medicine, and occupational health and is a senior researcher at the CHP at the University of the Witwatersrand, Johannesburg.
Posy Bidwell has a Masters in Demography and Health and is a researcher at the Centre for Health Policy and Management, Trinity College Dublin. She conducts research on the needs, aspirations, and career plans of non-European doctors in Ireland.
Steve Thomas, PhD, is a health economist and lecturer at the Centre for Health Policy and Management, Trinity College Dublin. He has 18 years of research experience in health financing, systems, human resources, and policy analysis.
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The Foreign Service Assignment Notebook: What Do I Do Now? Foreign Service employees and family members should read Chapter 3, ALLOWANCES and BENEFITS. from the helpful publication Foreign Service Assignment Notebook: What Do I Do Now? This chapter explains explanations of the following allowances:
Before Departure from the United States (Advance of Pay Allowance, Foreign Transfer Allowance, Miscellaneous Expenses, Pre-departure Subsistence Expenses, Wardrobe Expenses, Lease Penalty Expenses, Separate Maintenance Allowance, Travel Per Diem Allowance),
While in a Foreign Area (Temporary Quarters Subsistence Allowance, Living Quarters Allowance, Extraordinary Quarters Allowance, Post (Cost of Living) Allowance, Post (Hardship) Differential, Difficult to Staff Incentive Differential, Danger Pay Allowance, Education Allowance, Educational Travel, Representation Allowance, Official Residence Expenses),
When Returning to the United States (Home Service Transfer Allowance and Evacuation Payments).
Office of Allowances
The Department of State Office of Allowances develops and coordinates policies, regulations, standards, and procedures to administer the government-wide allowances and benefits program abroad under the Department of State Standardized Regulations (DSSR). Employees and family members should review their website for the most up-to-date information, including:
Allowances to consider when bidding or assigned to a new post overseas include:
If you are traveling overseas on official assignment for the first time, consider the following allowances:
If returning from an overseas assignment to the United States, consider the following allowance:
For evacuation allowances, review the guidance from the Office of Allowances:
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Basic travel Allowance Ghana to South Africa - Ghana Forum
Basic travel Allowance Ghana to South Africa
You're right to be concerned. Check out the other threads about online relationships and trust your instincts. There are many, many scammers and we see it every day at public internet cafes. If I had a dollar for every time I see someone create a Yahoo or Facebook profile I could retire. Every time we go to the cafe, about 90% of the others are involved in either setting up or writing in one of those mediums. About 10% are doing something else like researching foreign scholarships.
It shouldn't be about money. Suggest not offering money or just getting to know each other more and see what happens. See who mentions the subject of money next, and how often.
Don't give money out yet.
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Hey thanks for your reply its much appreciated. But it will be great if somebody could actually give me an amount to work with. The BTA seems to vary between 500 and 2000USD, which just gives me the idea somebody is trying to rip me off. I even wrote to the High Comissioner of South Africa in Ghana but somehow the only answer that they could come up with was that it will be determined by the immigration officer at the airport on date of departure, which sounds a bit confusing to me to say the least.
PLEASE IS THERE ANYBODY THAT CAN HELP ME HERE
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I have a similar with the BTA to Australia. It seems to be negotiable and is not set out on any web sites. My "friend" was issued with what was described as a "travellers cheque", to pass to me on arrival in Sydney. This was supposed to ensure that she could fund her stay here.
The Aust High Commission seems to operate from a phone number different from the web site, but I cant be certain.
Be careful is all i can say.
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Personal Tax
Income Tax in South Africa is dealt with here. See Quick Reference for more specific income tax information. Also, income tax is dealt with under specific headings.
The South African system for individuals starts with what a person “receives” or “accrues” and includes this as part of that person’s “gross income” for a particular year. Certain exemptions or deductions may then be claimed. What is left is subject to normal income tax rates.
Completion of personal income tax returns is explained in a guide issued by the South African Revenue Service. This guide is very useful as should enable most taxpayers to correctly complete their personal filings.
It would not be practical to deal with all the amounts that should be included, exempted or deducted to derive at what is taxable. Below are some of the most generally found items in South Africa:
Employment earnings: Employment salary will be disclosed on your IRP5 certificate issued by your employer. The IRP5 certificate distinguishes between the various classes of employment earnings and benefits. It also discloses contributions to pension, provident or medical aid. Finally, the IRP5 certificate discloses PAYE that has been withheld from your monthly salary and paid over to SARS;
Travel allowance and your claim: A travel allowance must be salary sacrificed, salary strucured or otherwise received to warrant a claim there againts. The claim must be done in your personal submission. See Travel Allowances
Subsistence allowances: Subsistence allowance is not subject to PAYE withholding by your employer. Still, the allowance should be disclosed in your return and you may claim actual or deemed expenditure there against.
Other allowances: The South African Revenue Service has legislated against claiming most other expenses.
Profit from a business: Business profit is taxable on a net basis. There are special and complex rules on what should be recognized and there are special wear and tear provisions in the South African Act.
Rental: The net rental you make is effectively taxable and any amount actually incurred in the production of rental and that is not of capital nature is deductible. This is one of the areas where professional advice and planning may generate significant savings.
Retirement funding: This is one of the few allowable deductions that are still viable and that make sense. An employee or taxpayer may still claim deduction for contributions to certain approved pension or retirement annuity funds. Your broker should be able to advise on the allowable claims, but watch for operators that just try and sell their products without checking that your will actually qualify for the deduction.
Investments: The right investments can make a significant difference. For instance, South African dividends are exempt from taxation, whilst interest and non-South African dividends are taxable, subject to certain minimum earning exclusions. Also, buying and selling shares may result in a taxpayer being considered a share trader and then all profits from your share activity will be not be seen as a capital gain but will be treated under normal taxation principles
Income Tax of certain offshore investments: The implications of these investments are often complex. The manner in which these investments are structured may often result in a taxpayer not “receiving” or “accruing” cualquier cosa. There are certain deeming provisions in the South African system that one should be careful off. These sections deem you to earn something even though you have not earned or received it under normal income tax rules.
See our standard terms of use. Should you require a more technically explained position or have questions outside the above see submit your income tax question.
Increased offshore allowance for South Africa
SOUTH AFRICA - Asset managers in South Africa have been given more flexibility to invest overseas, as the offshore allowance for pension funds was raised to 20% in the 2008 Budget.
The highlight of budget for the retirement industry was the removal of red tape when changing allocations from domestic to overseas investments.
Vivienne Taberer, portfolio manager at Investec Asset Management, said the move towards prudential requirements meant managers could now report changes of allocations on a quarterly basis, allowing the flows between the domestic and overseas market to happen more freely, as opposed to the previous situation of having to apply for offshore allowances.
The offshore allowance has been increased to 20% from 15% for pension funds.
"It allows asset managers more flexible asset allocation and more freedom, as previously it was not that easy to make a shorter term investment decision," said Taberer.
Patrick Mamathuba, chief investment officer, STANLIB, said, in the short term, it could mean a lot of money would flow out of South Africa, but it had happened at a time when the Rand was weaker which meant it should end positively. "It shows the country is ready to play on an equal footing with the rest of the world," he said.
Craig Aitchison, head of Old Mutual Consultants and Actuaries, said the announcement that the Secondary Tax on Companies (STC) would be converted to a shareholders tax would also be positive for retirement funds.
He said: "Following the relief given last year by removing Retirement Fund Tax (RFT), the removal of STC also heralds a boost, arguably small, to the investment returns earned by retirement funds.
"The second stage of this proposal is to remove this tax, and rather have the shareholders pay the tax on dividends. This will be implemented in 2009."
The budget also proposed the qualifying age for the old age pension should be reduced from 65 to 63 this year for men, to 61 in 2009 and to 60 by 2010.
SOUTH AFRICA - Asset management firm Franklin Templeton Investments has named Jo-Anne Bailey as director of its African division.
Last month I attended the Principal Officers Association Winter Conference in Johannesburg. The conference touched on many subjects: trustee education, transition management, etc. But the subject that seemed to ruffle feathers the most was incorporating environmental, social and governance factors into investment practices.
Industry officials largely welcome the update to regulations over investment practices but the move to comply comes with some challenges, as Christine Senior reports
Raquel Pichardo-Allison reports on the environmental, social and governance factors affecting South African pension funds
Following on from the success of our DC Excellence Series, Professional Pensions is pleased to host the Defined contribution conference 2017: Reflecting the growing importance of DC pension provision.
All new for 2017 - Professional Pensions Breakfast Briefing Series. Join us for the first event: Master Trusts
Make a date in your diary. These awards are the single largest gathering and a veritable 'who's who' of the corporate pensions industry in the UK.
How much will living abroad cost?
Whether you are moving abroad independently or your company is managing the relocation process, one of the most important factors for most expats is money. How much will it cost to live in another country?
Using an online resource such as Xpatulator will help you easily compare international cost of living differences, salaries and allowances.
In this article we will look at the various ways of measuring and comparing the cost of living, allowances and hardship factors in cities and countries around the world using Xpatulator .
Cost of Living Index (COLI)
The cost of living is the cost of maintaining a certain standard of living. When comparing the cost of living between different locations, the objective is to calculate the difference in the cost of living expressed as an index (e. g. dividing the cost of living in Location A by the cost of living in Location B may result in an index of 140).
The index indicates the difference in the cost of living between the two locations. In this example the index of 140 means that Location A is 40% more expensive than Location B. This would mean that a person who moves from Location B to Location A would need to earn 40% more, to have the same standard of living in Location A as they have currently.
The COLI (pronounced “Coe Lee” not to be confused with E. Coli ) report calculates cost of living indexes for all of the host locations you select using the home location you specify.
Using Xpatulator you can choose from any one of the 13 baskets or you can choose the overall cost of living index to make up your report.
Each new COLI report allows you to choose one home location and up to 780 available host locations.
Hardship
Hardship refers to the relative difference an expatriate and their family are likely to experience and the relative impact on their lifestyle when moving between different locations.
In calculating how much to pay an expat employee, it is important to take into account the relative hardship in terms of the quality of living conditions between locations, and to assess the relative level of difficulty that will be experienced in adapting to a new location.
The ratings for hardship are classified into four main groups and can be described as follows:
Minimal Hardship (10% Hardship Premium)
Some Hardship (20% Hardship Premium)
High degree of Hardship (30% Hardship Premium)
Extreme Hardship (40% Hardship Premium)
The factors used to establish the level of hardship in each location are:
Economic Factors: Such as poverty levels and level of service provision
Political Factors: Such as freedom/tolerance towards different points of view/lifestyle
Religious Factors: Such as freedom/tolerance towards different religions
Public Service Factors: Such as provision of water, electricity, sanitation, work permits etc
Environment/Climate Factors: Such as extreme weather
Personal Safety Factors: Such as personal safety / level of crime
Health Factors: Such as prevalence of disease and health standards
Education Factors: Such as education standards, prevalence of international schools
Transportation Factors: Such as prevalence of public transport, fuel and road safety.
Cost of Living Allowance (COLA)
The COLA calculator works out how much additional allowance (over and above your current home salary) is needed in another location to compensate for a higher cost of living, increased hardship and the exchange rate. It should be calculated to enable you to have the same relative spending power, and as a result have a similar standard of living, as you have in your current location.
This calculator is recommended for the calculation of a cost of living allowance for short-term assignments.
Article written by: Steven McManus, CEO and founder of Xpatulator. com
Striking a Deal in South Africa for the Public Sector’s Housing Allowance
Relief for many — in South Africa, a couple of weeks ago, trade unions and government agreed to a public sector wage increase, preventing a threatened strike. One of the main disputes during the months of tense negotiations was the public servants’ housing allowance. Currently, workers receive an allowance of R900 (US$71) a month, up from R800 (US$63) in 2012. Unions asked for R1500 (US$120), but, in the end, an allowance of R1200 (US$95) a month was agreed upon.
The housing allowance may be seen to be part of a general increase in wages of public servants (after all, a larger housing allowance does free up money for other uses), but it also highlights the importance of housing as an expense for many households. According to Stats SA. housing averages 23.1% of household expenses in South Africa, though the percentage may be higher for lower-income households. And, even though household expenditure on housing is increasing at moderate rates (with actual rentals for housing increasing at 5.3% between April 2017 to April 2017, and owner’s equivalent rent 4.8% in the same period), housing inflation has consistently been higher than general consumer inflation.
What difference does an increase of R300 (US$24) more for housing a month make? Let’s say a household has only one person earning an income, and that they cannot afford to spend anything more than their housing allowance on housing each month. For this household, R900 a month allows for a mortgage worth around R90,000 (US$7,150), which would likely be enough for an RDP house on the resale market. For R1,200 a month, a mortgage worth R120,000 (US$9,500) would be accessible, probably only enough for a similar, though better, property. But with many public sector employees in the ‘gap’ market (the ‘gap’ market are those too rich to qualify for a completely subsidised house but too poor to easily afford a newly built house—in South Africa these are households earning between R3,500 (US$280) and R15,000 (US$1,200) a month), the extra R300 can make more houses available. Throughout the ‘gap’ market, an extra R300 a month should allow for an increase in mortgage size of around R25,000 (US$2,000) (according to our calculations). This could be the difference between being able to buy a house and not for many families.
Affordable housing is important not only in terms of the cost to households, but to the stability of a country—in this instance, the cost of a public sector strike would have been high, while in the rest of the world cost of living protests that concern housing have become increasingly ubiquitous. Because every household needs shelter, providing affordable housing is of the utmost importance for any country, particularly for lower-income households that struggle to access affordable housing. Improving the availability of data. making housing subsidies more effective. removing transfer duties for ‘gap’ market transactions, and increasing the supply of affordable housing all play an important role in managing the cost of housing.
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Taxpayers with car allowances reminded to record mileage
Pretoria - The South African Revenue Service (SARS) has reminded taxpayers who receive a car allowance to record their odometer readings by Saturday.
The end of the tax year for individual taxpayers ends on 28 February.
"Those seeking to claim a business travel deduction in their next income tax return will require their closing and opening odometer reading in order to do so," SARS said on Friday.
Taxpayers are also reminded that as Minister of Finance Trevor Manuel announced in his recent Budget Speech that the coming tax year (1 March 2009 to 28 February 2010) is the last year where the "deeming provision" may be used to calculate a business travel deduction.
"The deeming provision allows taxpayers only to provide their total mileage for the year and are then deemed to have used their vehicle for private travel for the first 18 000 kilometres with the remainder (up to a maximum of 14 000 kilometres) deemed as business travel."
SARS said that this provision was often open to abuse and resulted in excessive deductions which did not match actual business expenses.
From 1 March 2010, taxpayers seeking to claim a deduction for business travel will be required to keep a logbook.
To help taxpayers get into the habit of doing so now, SARS will be handing out free logbooks from its branches countrywide from Monday, 1 March 2009 while stocks last.
Taxpayers can also download an e-logbook from the e-logbook page at www. sars. gov. za .
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Johannesburg - Taxpayers have been given another 15 days to submit their returns - but the extension applies only to those who are using e-filing to submit their returns electronically.
Pretoria - The South African Revenue Service (SARS) has called on taxpayers and practitioners to comment and give feedback on the draft versions of all income tax forms for the 2009 Tax Season.
Foreign Exchange Transactions and Foreign Payments
Foreign Exchange Transactions and Foreign Payments
FX Capital can assist companies and private clients with all foreign exchange related transfers and cross-border payments.
FX Capital is a South African financial services Company registered with the Financial Services Board and is authorised by the South African Reserve Bank to transact in the capacity as a foreign exchange intermediary.
Established in 2004 we have assisted more than 10,000 private individuals with foreign transfers and more than 200 South African companies with their foreign payments and currency risk management requirements.
The benefits of using FX Capital include:
Expert advice, personalised service and solutions tailored to our clients’ needs
Great savings through excellent exchange rates and low bank fees
Fully compliant with South African Reserve Bank, Financial Services Board and South African Revenue Services.
Free, no obligation consultation on your personal and or businesses requirements.
Secure transaction process where our client’s funds are always in an account in the client’s name.
Our Services Include:
Currency risk management and hedging strategies
Foreign investment allowance transfers
Discretionary allowance transfers including; foreign investment, gifts, travel, alimony and student fees
Encashment of Retirement annuity and pension policies
Money transfers into South Africa
Excellent exchange rates and low bank fees
Transferring Inheritances to beneficiaries overseas
Tax clearance applications
Our clients use us because we provide a professional and personalised service and we save them money on their foreign currency transactions.
Our services extend to the purchase and sale of foreign currency for private individuals and companies, currency risk management, Trade Finance and hedging strategies, SARB applications, encashment of retirement annuity and other pension policies, emigrations, inheritances, R1 million discretionary and R10 million foreign investment allowances, exchange control advice, opening of accounts for non-residents, bank accounts and money market accounts.
Our clients benefit from great savings from our preferential exchange rates and low bank fees especially when compared with their commercial banks.
Contact us for a quick and effective service.
forex trading brokers south africa
There are some online brokers that have started with forex education being central to their strategy. Triomarkets was started to be the best onlineeducational portal for beginner traders, so I highly recommend signing up for an account here and getting the most out of their material. Sign uphere.
Forex Trading Strategy Session: Live Market Analysis for Beginners forex trading brokers south africa.
Individual training can also mean that you’re teaching yourself how to navigate the market, through the use of different eBooks and programs offeredout there. Forex trading brokers south africa.
Far too often South African traders are lured into Forex without first receiving the proper training. If you really want to get ahead, you should lookinto Forex trading classes to assist you. Taking a legitimate training course might be the best thing to ever happen to you financially. Below welist some courses that come recommended by friends, so it should give you a place to start learning.
Forex trading brokers south africa - Read more
Read more forex trading brokers south africa
Not every Forex trading training course is the same. Essentially, there are two types we will speak about here that are pertinent to South Africaninvestors: Online training courses and individual training courses.
forex trading brokers south africa.
Trade forex with a broker who offers trading apps Rand transactions. Awarded Best Forex Broker in Africa 2012, 2017 and 2017
When it comes to locating the best Forex classes and courses out there, you do have a lot of options. There are many different books available, suchas Forex Trading for Dummies and others, as well as a wide assortment of different classes you can take.
For Forex traders out of South Africa, there are some pretty exciting things happening throughout the trading world. The government has loosened itsstandards on trading, and thus more brokers are popping up. More competition within the marketplace means a higher likelihood of profiting from yourinvestment. Of course, you still have to know your way around the Foreign Exchange Market before you can hope to make a profit. forex trading brokers south africa.
forex trading brokers south africa. IronFX is one of the most regulated brokers and their Research & Analysis team get’s global recognition by the most well respected Financialmedia of the world.
There are some benefits that seem obvious when speaking about a Forex trading course. For instance, simply learning more about the market will benefitanyone. But it’s the individual benefits that really add up and help you to achieve success when investing in Forex.
Video forex trading brokers south africa
Individual training, on the other hand, doesn’t put you in a classical “class” with other students. It puts you one-on-one, either with askilled trader helping you to learn, or your broker helping you not only to learn but to use the specific software and platform for your account. Thistype of intimate training can help you to learn a lot about Forex, and the fact of the matter is that it’s actually best to use both – the onlineclasses and the individual training for your particular Forex system. Forex trading brokers south africa trade.
With an online course, you’re essentially learning Forex from the ground up. Not only are you deciphering terms, calculating rates and participatingin trades, but you’re also getting a feel for different software systems and platforms, as you’ll most likely be using demo accounts for hands-onlearning. Since these classes are offered via the net, they’re remote, inexpensive, and awfully convenient. forex trading brokers south africa.
There daily market analysis is 100% FREE for clients. Being a globally trusted brand, IronFX offers instant execution with no slippage or delay. Theyoffer the best spreads from 0 pips, with your&1 account you can trade 15 platforms and they offer over 200 tradable instruments.
If you want an on-location Forex course in South Africa, you will have to perform a search that’s specific to the area you live in. Yes, you can findsome of these available, and if it’s more convenient for you, you should give one a try.
IronFX’s achievements has been recognized by multiple international awarding bodies. Probably the best reason for us South African’s is thatthey have an office in Sandton and they’re in the process of getting a license for the JSE prices. And finally, copy trading, a way to earn apassive income while someone trades your account.(forex trading brokers south africa trade.|)
Note: If you know other local South African forex courses that you would like to see listed here, please contact us.
Low lending rate, forex will shield SA - Reserve Bank
Cape Town - South Africa's low lending rate and the Reserve Bank's stockpiling of more than $50 billion in foreign currency would help shield the country from some of the turmoil experienced by global markets in recent days, Johan van den Heever, the Reserve Bank's deputy chief economist said today.
Briefing the National Assembly's finance committee on the release of the Reserve Bank's 2011 Annual Economic Report - which highlighted South Africa's poor export performance and slow recovery of lending by banks - Van den Heever said the impact of this week's market turmoil would, however, impact "fairly heavily" on consumer and business confidence.
"It is quite clear that people will under the circumstances be more reluctant to enter into bold ventures, big capital expenditure, really heavily-geared undertakings and so that it is not good news for short-term growth and longer-term investment," he said.
But he believed that despite this, South Africa would continue to grow - on the back of a consumer spending upswing, combined with low interest rates, a strong financial system and relatively good fiscal conditions.
He said one positive to come out of the market chaos was that the high level of unexpectancy had led to an increase in the gold price, which would benefit the economy.
Turning to the bank's annual economic report, the Reserve Bank's head of financial analysis and public finance, Vukani Mamba, said even though the country's repo rate was at a low of 5.5% - the lowest in 30 years - lending by banks had not picked up substantially.
He said the recovery of the credit advances had been slower than that following South Africa's previous recessions namely in 1974, 1982 and 1990.
The report revealed that the advance of credit had in February this year increased by just 5% above the level it stood at in May 2009, just months before the economy began recovering in September 2009.
Mamba attributed this to the poor recovery of the productive sectors, the high number of job losses (reducing the number of those who can qualify for credit) and the high levels of indebtedness of consumers.
Banks had also incurred high impairment rates, which had seen them pulling back on lending.
The report said the level of impaired advances, which grew to 6.1% in December 2009, had levelled off last year and stood at 5.8% in April this year.
Despite this, South Africa's percentage of non-performing loans remained "relatively high" when compared with other emerging-market countries.
At just under 6% in the fourth quarter of 2010, the level of non-performing loans was lower than Russia (at over 9%), but higher than Brazil and Chile (3%) and India (just below 3%).
But Mamba believed the bank's prudence had been instrumental in protecting the economy, when considering that the global financial crisis was triggered by US banks lending to highly indebted individuals.
Another concern highlighted by the report is South Africa's poor performance of exports.
Van den Heever pointed out that the country's exports had not kept track with fellow BRICS countries and advanced economies, which had rebounded at a far faster rate following the end of the recession.
He attributed the poor performance of exports to "quite a long list" of problems and not just to the strength of the rand.
These included infrastructure bottlenecks, lack of electricity capacity and the falling quality of some of the country's minerals, including the grade of gold mined.
South Africa's productivity was also a challenge, particularly when compared with a country like China, said Van den Heever.
Added to this, many of South Africa's export destinations were in the developing world - Europe, Japan and the US - where the recession was the deepest.
He said if South Africa's export performance continued its lack lustre performance, the fiscus would be reduced.
However, he said South Africa had built up its foreign currency reserves from $8 billion in 2002 to about $50 billion - which would allow the country to pay for imports if exports continued to under perform.
Lucrative Exchange is proud to offer the travel related foreign exchange services with a renown Bureau de Change:
Foreign Currency for Travellers
If you are resident * within South Africa and your travel originates and end in South Africa, you can enjoy the privilege of having your foreign exchange delivered at your business premise, free of charge at a date and time convenient to you within business hours.
To place your order download the attached Foreign Exchange Application form, complete it and submit the application via facsimile to the number appearing on top left of the form.
Lucrative Exchange clients enjoy a preferential exchange rate and reduced commission fee for travel related foreign exchange. American Express Travellers Cheques are welcomed around the world. They're available in various currencies and denominations. You can also exchange your Travellers Cheques for local currency free of charge at over 85,000 locations around the world. All Cheques received must be signed by the ordering customer for protection.
Documentation required for foreign exchange:
copy of passport,
proof of South African residence not older than 3 months
copy of air ticket
proof of payment - cash and credit card preferred
Omnibus Facility
Companies, who have employees traveling several times a year on behalf of their company for business purposes, are encouraged to apply for an omnibus facility. Lucrative Exchange can assist with this application. Copies of air tickets and invoices relating to your travels must be kept for a minimum of two years
The Omnibus application letter must be downloaded onto your company letter head and complete accordingly. Contact us and we will arrange for collection of the application form as well as the required supporting documentation.
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