Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter I : Exchange Control Amnesty and accompanying tax measuresPart B : Application, Evaluation and Approval Process6. Required information for application by applicant |
| 1) | An applicant contemplated in section 3(1)(a) who applies for exchange control relief as contemplated in Part C, in respect of any foreign asset which is held by that applicant on 28 February 3003 wholly or partly in contravention of the Exchange Control Regulations must – |
| a) | disclose the market value on that date of that foreign asset in the foreign currency of the country in which that foreign asset is situated; |
| b) | include a description of the identifying characteristics and the location of that foreign asset; |
| c) | submit in respect of the market value in foreign currency of that foreign asset – |
| i) | a valuation certificate by a valuator of the country where that foreign asset is located; |
| ii) | a valuation by a sphere of government of the country where that foreign asset is located; |
| iii) | which constitutes a financial instrument, an original or certified copy of a statement of account indicating the balance or market value as at 28 February 2003; or |
| iv) | any other form of proof of value of that foreign asset as the amnesty unit may on good cause shown allow. |
| 2) | An applicant contemplated in section 3(1)(b) who applies for the tax relief in respect of foreign income, as contemplated in section 15, must – |
| a) | disclose the receipts and accruals for the last year of assessment of that applicant ending on or before 28 February 2003, which relate to any foreign asset held by that applicant on 28 February 2003, the value of which has been wholly or partly derived from receipts or accruals from a source outside the Republic that were not declared to the Commissioner in any previous year of assessment, as required by the Income Tax Act, 1962; and |
| b) | include a description of the identifying characteristics and the location of that foreign asset. |
| 3) | An applicant contemplated in section 3(1)(b) who applies for the domestic tax relief, as contemplated in section 17, must – |
| a) | disclose the amounts that were not declared to the Commissioner as required by the Estate Duty Act, 1955, or the Income Tax Act, 1961, (other than receipts and accruals contemplated in subsection (2)(a), to the extent that those amounts were accumulated as or converted to foreign assets; |
| b) | disclose the dates on which those amounts were initially accumulated as or converted to foreign assets; and |
| c) | submit documentary proof of those dates and those amounts which were accumulated as or converted to foreign assets after 28 February 1998. |
| 4) | An applicant contemplated in subsections (11, (2) and (3) must confirm in the application that no foreign asset or foreign bearer instrument held by that applicant on 18 February 3,033 was derived wholly or partly from the proceeds of any unlawful activities. |