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Will I be taxed on an international bank transfer?

Posted 18 September 2016 under Tax Questions



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Anon999 says:
16 September 2016 at 17:07

I need to make an international bank transfer into an overseas account one similar to PayPal.
The bank is however asking me for my tax number before proceeding, I understand one can take up to R1 million per annum offshore and therefore by asking for the tax number it falls under a purchase/discretionary allowance and not a gift because I am transferring to my own account similar to PayPal.
My question is will I be taxed on the purchase if I give my tax number? There is also an option to pay visa credit card but I prefer the international bank transfer as its cheaper in fee's? Thoughts?

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TaxTimTaxTim says:
18 September 2016 at 15:06

No you will not be taxed, you just need to provide your tax number for Reserve Bank purposes.


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