Abduraghmaan Farao is a legal practitioner, driven by a passion for providing clients with effective solutions to their legal matters. With a degree in law from the University of the Western Cape, Abduraghmaan launched his career at the South African Revenue Services (SARS), where he quickly gained recognition for his expertise in tax law and ability to provide comprehensive tax services. After honing his skills at SARS, Abduraghmaan joined STBB and expanded his legal practice to include other areas of law. He has since advised clients across a wide range of industries on complex tax issues, delivering successful outcomes in even the most challenging tax disputes. Abduraghmaan's commitment to staying ahead of the latest tax laws and regulations is unwavering. He is a regular attendee of tax conferences and seminars and is highly sought-after as a speaker at real estate agent training sessions, where he shares his wealth of knowledge and expertise with those in the field. In addition to his passion for tax law, Abduraghmaan has a keen interest in property law and conveyancing, making him a well-rounded legal professional with a comprehensive understanding of exchange control and forex. He is committed to helping clients navigate the complexities of the legal system, and his experience, expertise, and commitment to excellence make him a valuable resource for anyone seeking an effective solution to their legal matter.

Newsflash | Inward forex for property purchases

We have noted that there are some delays in offshore bank transfers to South Africa due to greylisting by the Financial Action Task Force (FATF). To ensure a smooth and timely transfer of funds, we encourage our clients to send their funds as soon as they are able to and not wait until the last moment before the transfer and funds are due.

Sending funds early provides you with peace of mind and the opportunity to let your funds earn interest in South Africa while you wait for the conveyancer to request payment of the purchase price. Currently, the interest rates for funds held in South African accounts range between 7.65% and 8%, depending on the amount and type of account. Therefore, sending funds early not only helps avoid delays but also enables you to earn interest on your money.

Should you require assistance with transferring funds from your foreign account, please contact tax@stbb.co.za. Act now and earn interest on your money while avoiding delays in the transfer process.

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