Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Regulations issued in terms of Section 30 of the Exchange Control Amnesty and Amendment of Taxation Laws Act, 20039 - 11. Provisions relating to facilitators |
| 9) | A company, trust or deceased estate will be a related party if it complied with the requirements of the definition of "related party" in section 1 of the Act, on the date of accumulating foreign assets or transferring funds or assets from the Republic as contemplated in section 3(1)(c) of the Act. |
| 10) | A company shall be deemed to comply with the provisions of paragraph (a) of the definition of "related. party" in section 1, where all the shares of that company were directly or indirectly held on the date of accumulation or conversion by one or more trusts of which no person other than an applicant or relatives of that applicant were vested beneficiaries on that date. |
| 11) | Where- |
| a) | a company assisted more than one person by accumulating foreign assets or transferring funds or assets from the Republic, as contemplated in section 3(1)(c) of the Act; and |
| b) | all those persons so assisted are applicants as contemplated in section 3(1)(a); |
those applicants shall be regarded as one applicant for purposes of the definition of "related party" in section 1.