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SA Government Scraps Tax On Overseas Corporate Earnings

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

13 May 2004


The South African government's recently announced decision to scrap a 30% tax on overseas corporate earnings has been welcomed by the country's businesses.

South African economists have applauded the move, according to reports, suggesting that it could pave the way for the return of millions of rand invested overseas during the immediate post-apartheid period.

Speaking to the BBC's World Business Report, Brian Kantor of Investec Securities observed this week that:

"Had people realised 10 years ago where SA would be today their anxieties would have been much diminished."

He went on to suggest that:

"They would have done well to have left more of their money at home to finance growth in South Africa rather than to make acquisitions offshore which often have not proved very successful."


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