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 E : Invalidity of Approval and Review of Decision

20. Invalidity of approval
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1)Any approval granted in terms of section 9 in respect of an applicant or facilitator be void –
a)in respect of the tax relief contemplated in section 15 or 17, where the applicant or facilitator, as the case may be, fails to submit the tax return for the last year of assessment ending on or before 28 February 2003 by the later of -
i)a date determined by the amnesty unit, or
ii)31 March 2004; or
b)where it is at any stage determined that any foreign asset or foreign bearer instrument of an applicant wholly or partly represents or has been derived from the proceeds of any unlawful activities.

 

2)Where any approval is void by virtue of the provisions of subsection (1)(b), any amount of the exchange control amnesty levy or domestic tax amnesty levy which has been paid by an applicant or facilitator based on any such approval shall not be refunded to that applicant or facilitator, as the case may be.