Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)

Chapter I : Exchange Control Amnesty and accompanying tax measures

Part D : Tax Relief in terms of Amnesty

15. Exemption for undeclared foreign income
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1)An applicant with approval in terms of section 9(1), shall not be liable for the payment of any amount in terms of the Income Tax Act, 1962, and shall be deemed not to have committed any offence in terms of that Act, in respect of any receipts or accruals from a source outside the Republic during any year of assessment ending on or before 28 February 2003, which were not declared to the Commissioner, to the extent that those receipts or accruals represent or are included in –
a)any foreign asset in respect of which that applicant has made disclosure in terms of section 6(2); or
b)any other foreign asset which is no longer held by that applicant as at 28 February 2003, otherwise than as a result of a donation of that foreign asset by that applicant.