SA Tax Amnesty Bill Revised Again To Include Advisers

by Robert Lee, for LawAndTax-News.com, London

28 April 2003

The South African government has executed an about-turn with regard to to its forthcoming tax and foreign exchange amnesty, and revealed last week that financial advisers will now be able to apply to be covered by the amnesty as well, although this will have to be done jointly with their clients.

Financial advisers were recently excluded from the draft legislation at the behest of Finance Minister, Trevor Manuel, who argued that those who facilitated the transfer of funds offshore should not receive lenient treatment. However, he did explain to the the parliamentary finance portfolio committee at the time that:

'If there are any strong views about the advisers wanting to be granted amnesty, clearly we would listen to them.'

According to reports in the South African media, concerns had been expressed that the exclusion of advisers from the terms of the amnesty could discourage their clients from putting their tax affairs in order, hence the government's change of heart on this issue.

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