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Tax Amnesty Bill Passes In SA National Assembly

by Robert Lee, Tax-News.com, London

23 May 2003


The South African National Assembly this week passed the Exchange Control Amnesty Bill which aims to encourage the repatriation of many millions of investments surreptitiously placed in offshore funds.

The Bill introduced by Finance Minister Trevor Manuel exempts investors and their advisors from civil or criminal prosecution when they bring their offshore investments back to South Africa, though a five per cent tax will be levied on repatriated monies.

Closed corporations and trusts will also be eligible to apply under the amnesty, which is designated to take place between June 1 and November 30 2003.

However, Manual said during the second reading of the bill that firms involved in illegal transfer pricing would not be included in this or subsequent amnesties.

The Bill passed despite an abstention by the Democratic alliance, and will now pass to the National Council of Provinces for consideration.


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