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Why you need a Tax Clearance Certificate (TCC)

by , 18 May 2015
When it comes to tax, SARS gives you a TCC to validate your status as a tax payer and confirm all your tax affairs are in order at the date of issue of the certificate. This is one of the most important reasons for which you need a TCC.

But there's another reason you need a Tax Clearance Certificate!

Read on to find out what it is and how to get one

Put simply, without a TCC, you won't be able to attract new business or win new tenders.

And that why you must get a new TCC every year!

To get a TCC, you need to submit one of the following application forms to SARS

Here are the four different application forms for a TCC.

These are:

• Tenders – when applying for a tender or bid advertised (TCC001);
• Good standing – to confirm you're tax compliant (TCC001);
• Foreign Investment Allowance (FIA) – if you want to take money out of South Africa to invest in foreign assets, you'll need a TCC for this (FIA001); and
• Emigration – if you're investing overseas, or emigrating, you'll need a TCC, as part of the
Certificate of Good Standing (IT21(a)).

Now, let's take a look at the recent changes in the TCC process...

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Here's what the Tax Administration Act says about Tax Clearance Certificates:

The Tax Administration Act (TAA) lays down the requirements of a TCC. These requirements line up with the regulations in the Public Finance Management Act (PFMA).

These cover:
• Applications for the TCC;
• SARS withdrawals of the TCC;
• SARS verification of the TCC; and
• Amendments to the issue of TCCs.

In upcoming articles, we'll take a look at these in more details. Stay tuned for more.

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