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 B : Application, Evaluation and Approval Process

7. Statement of foreign assets and liabilities for tax relief

An applicant contemplated in section 6(2) and (3) applying for tax relief contemplated in Part D, must attach to the application a statement of assets and liabilities as at tie last day or the last year of assessment ending on or before 28 February 2001, in respect of all disclosed foreign assets and liabilities of that applicant outside the Republic, reflecting all such foreign assets at both historic cost and estimated market value in the foreign currency of the country in which that foreign asset is situated or liability is incurred.

Where an applicant fails to comply with subsection (1), the Commissioner may, for purposes of the Income Tax Act, 1961, estimate the historic cost and market value of all foreign assets and the amount of liabilities of that applicant outside the Republic as at the last day of the last year of assessment contemplated in subsection (1).