IRD to scrutinize outward remittances over US$10,000 for tax compliance

The Internal Revenue Department announced that outward remittances worth more than US$10,000 can be passed only after scrutinizing the tax payment and tax clearance certificates.
The authorized dealers have been checking the person, entity, individuals, companies, and institutions remitting over $10,000 (equivalent amount of other foreign currencies) if they are tax compliant and if they seek a tax clearance certificate starting from 1 May 2023, the IRD’s notification stated.
Those remitting must also declare necessary statements for each type of remittance and payment.
Form SAS-1 of the IRD regarding profit transfer, goods transaction, profit, licence, brand name, lien, payment for trademark and service fees, taxpayer registration issued by the IRD for new taxpayers, statements for withholding tax payment or exemption evidence from the relevant tax offices must be attached as well. — TWA/EM

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