Riaan wrote
Weird that it would be our exchange control that was the problem - I thought they wanted foreign currency coming in.
Yeah that's something I also don't understand...most people would receive money because they're selling something abroad. How can that be bad for our economy? I wonder how one would go about to sell something on EBay, if we can't receive funds?
How does/would SARS police it?
The only way you can get funds into and out of the country for foreign purchases/investments is via a financial institute, namely, a bank, and as someone who regularly makes payments to offshore companies I'm requested to give my Personal Tax number for each of these transactions, thereby alerting SARS to the transaction when the bank files the paperwork... not as easy when you have money flying in and out via CC/PP, SARS do not have the resources to police millions of credit card accounts.
Sure you can MAKE a purchase on your CC/PP account, but it is money that SARS expect you have earned in SA and most probably paid the necessary taxes on already, but when the said items enters SA it will be liable for 14% VAT and if it is an 'Audio Amplifier' or any kind a further 7% tax... ah, the joys of Taxes.
Cheers
Matt
