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Revenue paid offshore

Posted 8 February 2016 under Tax Q&A


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Franette says:
6 February 2016 at 13:44

If a South African company is paid offshore for services rendered within South Africa, is the company obliged to bring the revenue back to SA?
Revenue is reported on in SA, it's just that it gets paid offshore. Bringing it back every month incurs a lot of bank charges, amongst other things. Many thanks

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TaxTim TaxTim says:
8 February 2016 at 7:50

They are not required to bring it back to SA, but they would have to apply with the bank to the Reserve Bank to maintain their offshore accounts.

Franette says:
8 February 2016 at 9:09

Hello
Not sure I understand what you mean "apply with the bank to maintain their offshore accounts?"
The monies are paid into offshore bank account already.

Many thanks for your help

TaxTim TaxTim says:
8 February 2016 at 14:56

A company usually need Reserve Bank approval to keep it's earnings offshore and not repatriate it back to South Africa.

Franette says:
8 February 2016 at 15:04

Thank you very much

TaxTim TaxTim says:
8 February 2016 at 15:32

Only a pleasure!


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