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R4 Billion In Offshore Assets To Be Repatriated To South Africa

by Robert Lee, Tax-News.com, London

11 October 2005


Up to R4 billion ($613 million) is expected to be repatriated to South Africa from offshore as a result of the tax and foreign exchange amnesty which concluded last year, according to Finance Minister Trevor Manuel.

Replying to a question tabled in parliament, Mr Manuel explained that the government estimates between R3 and R4 billion will be brought back to the country as a result of the scheme.

In total, some 43,000 applications were filed under the amnesty, which began in February 2003. Under the scheme, individuals were invited to declare their offshore assets without fear of prosecution in return for paying a 5% tax on money brought back to South Africa. Those who chose to declare assets but keep them offshore faced a 10% tax.

Manuel stated that the government has collected some R2.3 billion in tax from the amnesty applications that have already been processed.


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