{"id":1788,"date":"2023-08-01T11:54:21","date_gmt":"2023-08-01T09:54:21","guid":{"rendered":"https:\/\/www.ezfreight.co.za\/index.php\/2023\/08\/01\/update-on-the-distribution-of-funds-to-non-resident-trusts-by-resident-trusts\/"},"modified":"2023-08-01T11:54:21","modified_gmt":"2023-08-01T09:54:21","slug":"update-on-the-distribution-of-funds-to-non-resident-trusts-by-resident-trusts","status":"publish","type":"post","link":"https:\/\/www.ezfreight.co.za\/index.php\/2023\/08\/01\/update-on-the-distribution-of-funds-to-non-resident-trusts-by-resident-trusts\/","title":{"rendered":"Update on the distribution of funds to non-resident Trusts by resident Trusts"},"content":{"rendered":"

1 August 2023 – It has been<\/em> the practice of SARS not to approve the release of funds when resident Trusts make distributions to non-resident Trusts. Following queries in this regard, SARS herewith clarifies its stance on the matter and confirms that it will consider approval for the release of funds\/amounts distributed to non-resident Trusts. The process required to obtain the necessary approval is to apply for a manual letter of compliance at SARS by emailing MLCA@sars.gov.za<\/a>.<\/p>\n

SARS has taken note of the fact that the SARB has relaxed certain exchange control requirements but has decided, based on the risks involved, to introduce the above-mentioned requirement to mitigate the risks.<\/p>\n

SARS will perform verification processes to ensure that strict interpretation of the relevant sections of the Act are complied with. Note that the non-resident Trust must be a beneficiary of the resident Trust, and the distribution will only be considered by SARS if it complies with the terms and conditions in the Trust instrument of the resident Trust.<\/p>\n

SARS will only allow such distributions if the resident Trust demonstrates that all tax liabilities in respect of the distribution were or will be settled.<\/p>\n

Also see the Supporting Documents for Approval of International Transfers (AIT)<\/a> webpage.<\/p>\n

Source: SARS Tariffs
\nUpdate on the distribution of funds to non-resident Trusts by resident Trusts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

1 August 2023 – It has been the practice of SARS not to approve the release of funds when resident Trusts make distributions to non-resident Trusts. Following queries in this regard, SARS herewith clarifies its stance on the matter and confirms that it will consider approval for the release of funds\/amounts distributed to non-resident Trusts. …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[24],"class_list":["post-1788","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-shipping"],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nUpdate on the distribution of funds to non-resident Trusts by resident Trusts - Easy Freight<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ezfreight.co.za\/index.php\/2023\/08\/01\/update-on-the-distribution-of-funds-to-non-resident-trusts-by-resident-trusts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Update on the distribution of funds to non-resident Trusts by resident Trusts - Easy Freight\" \/>\n<meta property=\"og:description\" content=\"1 August 2023 – It has been the practice of SARS not to approve the release of funds when resident Trusts make distributions to non-resident Trusts. 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