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

Preamble
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RECOGNISING that the objectives of the exchange control amnesty and accompanying tax measures are—

a)to enable violators of Exchange Control Regulations and certain tax Acts to regularise their affairs in respect of foreign assets attributable to those violations;
b)to ensure maximum disclosure of foreign assets and to facilitate repatriation thereof to the Republic; and
c)to extend the tax base by disclosing previously unreported foreign assets.

 

BE IT THEREFORE ENACTED by the Parliament of the Republic of South Africa as follows:-