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

16. Imposition and payment of domestic tax amnesty levy
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1)An applicant or facilitator with approval in terms of section 9(3) or 9(5), as the case may be, is subject to a domestic tax amnesty levy equal to 2 per cent of the amount disclosed in terms of section 6(3) or 8(c), as the case may be, converted to Rand at the exchange rate as published by the South African Reserve Bank for the date of accumulation or conversion contemplated in that section.

 

2)The applicant or facilitator, as the case may be, must pay the domestic tax amnesty levy into the account contemplated in section 13(3) held at the Corporation for Public Deposits, within a period of three months after the date of approval, for subsequent transfer to National Revenue Fund.