Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter I : Exchange Control Amnesty and accompanying tax measuresPart C : Exchange Control Relief in terms of Amnesty13. Payment of exchange control amnesty levy |
| 1) | All amounts of the exchange control amnesty levy must be paid by an applicant to an authorised dealer by no later than – |
| a) | in the case of the exchange control amnesty levy contemplated in section 12(1)(a), the date of repatriation and must be converted into Rand by using the ruling spot exchange rate on the date of repatriation; and |
| b) | in the case of the exchange control amnesty levy contemplated in section 13(1)(b), three months after the date of approval and must be converted into rand by using the ruling spot exchange rate on the date of payment. |
| 2) | The exchange control amnesty levy – |
| a) | contemplated in section 12(1)(a), must be paid from foreign funds repatriated; and |
| b) | contemplated in section 12(1)(6), must be paid – |
| i) | from any foreign funds not otherwise repatriated in terms of section 12(1)(a), which are accepted by an authorised dealer, or |
| ii) | to the extent that the applicant no longer holds any foreign assets, from any foreign funds so repatriated. |
| 3) | The authorised dealer must pay all amounts received in terms of subsection (1) into an account held for that purpose at the Corporation for Public Deposits established in terms of section 3 of the Corporation for Public Deposits Act. 1984 (Act No. 46 of 1984), within the period and under the terms prescribed by the Chairperson of the amnesty unit, for subsequent transfer to the National Revenue Fund. |
| 4) | The amnesty unit may extend the period contemplated in subsection (1)(b) by a further period of no more than three months – |
| a) | to the extent that an applicant proves that an amount which that applicant must pay from foreign funds cannot reasonably be converted to Rand within that period, or |
| b) | in anticipation of an amendment to the Income Tax Act, 1962, in respect of the exemption of certain foreign dividends, where the payment of the levy will be effected by way of a foreign dividend. |
| 5) | For the purposes of this section, "foreign funds" excludes any funds denominated in the currency of any country which forms part of the Common Monetary Area for purposes of the Exchange Control Regulations or any assets held in any such country |