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 B : Application, Evaluation and Approval Process

9. Evaluation and Approval
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1)If an applicant applying for exchange control relief, as contemplated in Part C complies with section 6(1) in relation to a foreign asset, the amnesty unit must, subject to section 10, grant approval that Part C applies to the extent of the disclosure in terms of section 6(1) in respect of that foreign asset.

 

2)To the extent that an applicant applying for tax relief in respect of foreign income, as contemplated in section 15, complies with section 6(3) in respect of any foreign asset, the amnesty unit must, subject to section 10, grant approval that section 15 applies in respect of the receipts or accruals from a source outside the Republic from which that foreign asset has been derived.

 

3)To the extent that an applicant applying for domestic tax relief as contemplated in section 17, complies with section 6(3j in respect of any amount not declared to the Commissioner as required by the Estate Duty Act, 1955, or the Income Tax Act, 1962, which relates to a foreign asset, the amnesty unit must, subject to section 10, grant approval that section 17 applies in respect of that amount.

 

4)To the extent that a facilitator applying for exchange control relief, as contemplated in Pan C, complies with section 8, the amnesty unit must, subject to section 10, grant approval that Part C applies in respect of that facilitator.

 

5)To the extent that a facilitator applying for domestic tax relief, as contemplated in section 17, complies with section 8 in respect of any amount not declared to the Commissioner as required by the Estate Duty Act, 1955, or the Income Tax Act, 1961, the amnesty unit must, subject to section 10, grant approval that section 17 applies in respect of that amount.

 

6)The amnesty unit must deliver to an applicant or facilitator a notice of its decision to approve the application.

 

7)The approval contemplated in subsections (1), (3), (4) and (5) is granted subject to payment of the full amount of the exchange control amnesty levy or the domestic tax amnesty levy, as the case may be, within the period prescribed in this Chapter.