The South African Reserve Bank’s Financial Surveillance Department updated the Currency and Exchanges Manual for Authorised Dealers to remove the South African Revenue Service Tax Compliance Status (TCS) requirement for individuals making current transfers in excess of the single discretionary allowance (SDA) limit. The manual continues to set the SDA at ZAR 1 million per resident individual (18 years and older) per calendar year. Current transfers above ZAR 1 million are now subject to Financial Surveillance Department verification and approval, supported by proof of the bona fide nature and legitimacy of the transfer, while additional transfers of a capital nature remain governed by section B.2(B), including the foreign capital allowance framework and associated Approval International Transfer and TCS PIN verification processes.
South African Reserve Bank 2026-01-07
South African Reserve Bank removes Tax Compliance Status requirement for individuals’ current transfers above the single discretionary allowance limit
The South African Reserve Bank’s Financial Surveillance Department updated the Currency and Exchanges Manual for Authorised Dealers, removing the South African Revenue Service Tax Compliance Status requirement for individuals making current transfers above the single discretionary allowance (SDA) limit. The SDA remains at ZAR 1 million per resident individual per calendar year. Transfers exceeding this limit now require Financial Surveillance Department verification and approval, with proof of the transfer's bona fide nature and legitimacy.