Once the goods have been cleared through SARS Customs, the importer must present the customs clearance documentation to the Authorised Dealer as proof of the use of the foreign exchange and receipt of the goods in South Africa for payments exceeding R50 000.
How much money can you send out of South Africa?
A traveller may declare and carry a maximum of R25 000/unlimited foreign currency when leaving or entering the country.
In South Africa, how much money is laundered?
Attorneys, casinos, and motor vehicle dealers will be the first accountable and reportable institutions, required to report physical cash payments of ZAR25 000 or more, or their equivalent foreign denomination. The crucial point is that the money must be physically handed over.
Is it necessary for me to pay tax on money transferred from South Africa?
You would only be taxed on income earned in South Africa, or if you became a tax resident, you would be taxed on all income earned worldwide, less any taxes already paid in that other country. However, your foreign pension would continue to be exempt.
In South Africa, how much money can be legally given to a family member as a gift?
There is, however, an annual exemption of R 100 000 per person per year, so only donations in excess of R 100 000 are taxed.
