Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter I : Exchange Control Amnesty and accompanying tax measuresPart A : Definitions, Administration and Application1. Definitions |
| 1) | For purposes of this Chapter, unless the context indicates otherwise, any meaning ascribed to any word or expression in section 1 of the Income Tax Act, 1962, must bear the meaning so ascribed, and - |
means the amnesty unit established in terms of section 22;
means any person contemplated in section 3(1) (a) or (b);
means the application contemplated in section 5;
means an authorised dealer as defined in the Exchange Control Regulations;
means the Commissioner for the South African Revenue Service appointed in terms of section 6 of the South African Revenue Service Act, 1997 (Act No. 34 of 1997);
means the date on which the notice of approval was delivered by the amnesty unit to the applicant as contemplated in section 9(6);
in relation to a document, means -
| a) | handing that document to the relevant person; |
| b) | sending that document to the relevant person by registered post to that person's last known address, which may be his or her last known place of residence, office, place of business or post office box number; |
| c) | transmitting that document to the relevant person by facsimile; or |
| d) | transmitting that document to the relevant person by electronic means. Provided that in the case of paragraphs (c) and (d), the document must be handed to the relevant person or sent by registered post to that person as contemplated in paragraph (b) within ten days of it being so transmitted by facsimile or electronic means. |
means the levy imposed in terms of section 16;
means the Estate Duty Act. 1955 (Act No. 45 of 1955);
means the levy imposed in terms of section 11;
means the Exchange Control Regulations, 1961, issued in terms of section 9 of the Currency and Exchanges Act. 1933 (Act No. 9 of 1933):
means a person contemplated in section 3(1)(c):
means -
| a) | any funds held in foreign current, and |
| b) | any asset transferred from or accumulated outside the Republic, but does not include any foreign bearer instrument; |
means a financial instrument issued by a person who is not a resident where the identity of the beneficial owner thereof cannot be determined by reference to either that instrument or the person who issued that financial instrument, but does not include an instrument if the beneficial owner can prove that the financial instrument is derived from that beneficial owner's own funds which had been held for a period of at least 18 months prior to the acquisition of that financial instrument;
means the General h4anager of the Exchange Control Department of the South African Reserve Bank or any person to whom the powers, functions and duties have been delegated by the Minister in terms of the Exchange Control Regulations;
means the person appointed as the Governor of the South African Reserve Bank under section 4 or 6(1)(a) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989);
in relation to a foreign asset means direct beneficial ownership in that foreign asset, and includes a deemed holding of that foreign asset in terms of section 4;
means the Income Tax Act, 1961 (Act No. 58 of 1962);
means the leviable amount contemplated in section 11(2);
in relation to a foreign asset of a person, means the market value as contemplated in paragraph 31 of the Eighth Schedule to the Income Tax Act, 1969;
means the Minister of Finance;
in relation to an applicant means -
| a) | a company, none of the shares or interests of which is held by any person other than – |
| i) | that applicant; or |
| ii) | in the case where the applicant is a natural person, by that applicant or relatives of that applicant; or |
| b) | a trust or deceased estate of which the applicant is a beneficiary; |
means -
| a) | for purposes of tax matters, a resident as defined in section 1 of the Income Tax Act, 1962; and |
| b) | for purposes of exchange control matters, a person whether of South African or other nationality, who has taken up residence or is domiciled in the Republic, for purposes of the Exchange Control Regulations; |
means the South African Revenue Service established in terms of the South African Revenue Service Act, 1997 (Act No. 34 of 1997);
means any foreign asset which was accumulated as foreign assets or transferred from the Republic in contravention of the Exchange Control Regulations; and
means an unlawful activity as defined in the Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998), other than -
| a) | any exchange control contravention or failure to comply with the Estate Duty Act, 1955, or the Income Tax Act, 1962; or |
| b) | any activity constituting a misrepresentation or non-disclosure that was necessary to facilitate the contravention or failure contemplated in paragraph (a). |
| c) | any contravention or failure to comply with any other Act administered by the Commissioner, if the applicant or facilitator, as the case may be, no later than 60 days after the date of application rectifies any such contravention or failure and makes arrangements with the Commissioner to pay any outstanding liability relating to that contravention or failure. |