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 C : Exchange Control Relief in terms of Amnesty

11. Imposition of exchange control amnesty levy
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1)An applicant with approval in terms of section 9(1) is subject to an exchange control amnesty levy in respect of the leviable amount determined in terms of subsection (2).

 

2)The leviable amount equals the total market value of all foreign assets disclosed as contemplated in section 6(1)(a), reduced by –
a)so much of the market value of all those foreign assets as is proved by the applicant not to be held by that applicant in contravention of the Exchange Control Regulations; and
b)in the case of a natural person, the permissible foreign capital allowance in terms of the Exchange Control Regulations, translated to the relevant foreign currency at the exchange rate as published by the South African Reserve Bank for 28 February 2003 (to the extent that the allowance has not otherwise been availed of by the applicant.