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

17. Exemption for undeclared amounts arising in Republic
Purchase cart Previous page Return to chapter overview Next page

 

1)An applicant with approval in terms of section 9(3) shall not be liable for the payment of any tax or duty –
a)in respect of any amount which is equal to the amount accumulated as or converted to foreign assets, as disclosed in terms of section 6(3); and
b)which could have been imposed in terms of the Estate Duty Act, 1955. or the Income Tax Act, 1962, on or before the date of that accumulation or conversion, and that applicant shall be deemed not to have committed any offence in terms of those acts to the extent of any amount disclosed.

 

2)A facilitator with approval in terms of section 9(5) shall not be liable for the payment of any tax or duty –
a)in respect of any amount which is equal to the amount accumulated as or converted to foreign assets, as disclosed in terms of section 8(c); and
b)which could have been imposed in terms of the Estate Duty Act, 1955, or the Income Tax Act, 1962, on or before the date of that accumulation or conversion, and that facilitator shall be deemed not to have committed any offence in terms of those Acts to the extent of any amount so disclosed.

 

3)No tax relief shall be granted in terms of this section in respect of any-
a)normal tax which could have been imposed in terms of the Income Tax Act, 1962, in respect of any year of assessment ending after 28 February 2002;
b)secondary tax on companies which could have been imposed in terms of the Income Tax Act, 1962, in respect of any dividend declared or amount distributed after 28 February 2002;
c)donations tax which could have been imposed in terms of the Income Tax Act, 1962, in respect of any donation after 28 February 2003; or
d)estate duty which could have been imposed in terms of the Estate Duty Act, 1955, in respect of the estate of any person who died after 28 February 2003.