Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter I : Exchange Control Amnesty and accompanying tax measuresPart C : Exchange Control Relief in terms of Amnesty12. Amount of exchange control amnesty levy |
| 1) | The exchange control amnesty levy is equal to – |
| a) | 5 per cent of so much of the leviable amount as is repatriated to the Republic through an authorised dealer within three months after the date of approval (otherwise than for purposes of paying the levy contemplated in paragraph (b) from foreign assets as required by section 13(2)(b)), and |
| b) | 10 per cent of the leviable amount remaining after deducting the amount repatriated as contemplated in paragraph (a). |
| 2) | The amnesty unit may extend the period contemplated in subsection (1)(a) by a further period of no more than three months – |
| a) | to the extent that an applicant proves that an amount which that applicant wishes to repatriate cannot reasonably be converted into Rand within that period; or |
| b) | in anticipation of an amendment to the Income Tax Act, 1962, in respect of the exemption of certain foreign dividends, where the repatriation will be effected by way of a foreign dividend. |
| 3) | The leviable amount on which the levy is calculated in terms of subsection (1), is determined before taking into account any fees or commissions. |