Exchange Control Amnesty and Amendment of Taxation Laws Act

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Published: 2003-05-31

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Exchange Control Amnesty and Amendment of Taxation Laws Act [No. 12 of 2003]


Government Gazette
REPUBLIC OF SOUTH AFRICA

Vol. 455 Cape Town 31 May 2003 No. 25047
THE PRESIDENCY No. 730 31 May 2003 It is hereby notified that the President has
assented to the following Act, which is hereby published for general information:–
No. 12 of 2003: Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003.


2 No. 25057 GOVERNMENT GAZETTE, 3 1 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
GENERAL EXPLANATORY NOTE:
] Words in bold type in square brackets indicate omissions from existing enactments. Words underlined with a solid line indicate insertions in existing enactments.
(Etlglish text signed by the President.) (Assented to on 30 May 2003.)
ACT TO provide for exchange control amnesty with accompanying tax measures in respect of voluntary disclosure by an applicant of any contravention of the Exchange Control Regulations or failure to comply with the provisions of the Estate Duty Act, 1955, or the Income Tax Act, 1962, to the extent that it relates to foreign assets: to amend the Transfer Duty Act, 1949, so as to adjust the rates of duty: to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending on 29 February 2004 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2004; to amend the Income Tax Act, 1963, so as to amend a definition; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the primary and secondary rebates; to further regulate the exemption in respect of interest and foreign dividends: to increase the income threshold of small business corporations; to further regulate the secondary tax on companies where a company ceases to be a resident; to amend the Customs and Excise Act, 1964, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the rate of the air passenger tax; and to amend Schedule No. 1 to the said Act and the effective date thereof: to amend the Stamp Duties Act, 1968, so as to delete a definition an:! t:: amend z dcfi&ion: to abolish s:an;p duty on certah instruments: and to effeci certain consequential amendments: to amend the South African Reserve Bank Act, 1989, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Reserve Bank and the South African Revenue Service; to amend the Value-Added Tax Act, 1991, so as to increase the threshold of rental income in the definition of “commercial accommodation”; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to amend the Tax on Retirement Funds Act, 1996, so as to reduce the rate at which the tax on retirement funds is imposed; to provide for the continuation of amendments to the Schedules to the Customs and Excise Act, 1964: to provide for a short title and commencement date of this Act: and to provide for matters connected therewith.
4 No. 25047 GOVERNMENT GAZETTE. 3 1 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
PREAMBLE
RECOGNISING that the objectives of the exchange control amnesty and accompany- ing tax measures are-
(a ) to enable violators of Exchange Control Regulations and certain tax Acts to regularise their affairs in respect of foreign assets attributable to those violations:
ib) to ensure maximum disclosure of foreign assets and to facilitate repatriation thereof to the Republic: and
(c) to extend the tax base by disclosing previously unreported foreign assets.
E IT THEREFORE ENACTED by the Parliament of the Republic of South Africa. B as fo11ows:- INDEX
Serriorl
CHAPTER I
I . 7
3 . -. ?
4.
5 . e!.
8. 9. 10.
- I .
11. 17,. 13. 13.
15. 16. 17. 18. 19.
EXCHANGE CONTROL AMNESTY AND ACCOMPANYING TAX
5
RlEASURES
Part A
Definitions. Administration and Application
Definitions 10 Administration of Chapter Persons who may apply for exchange control or tax relief in terms of amnesty Special rules for donors to discretionary trust
Part B
Application, Evaluation and Approval Process
Application for amnesty and period for application Required information for application by appiicant Statement of foreign asselx and liabilities for tax relief Required information foI- application b) facilitator Evaluation and approval Circumstances \%.here arnnesr!' uni: ma)' not grant approva!
Part C
Exchange Control Relief in terms of Amnesty
Imposition of exchange control amnesty levy Amount ol exchange control anmest). levy Payment of exchange ccntrol amnesty levy Exchange Control Relief
Part D
Tax Relief in terms of Amnesty
Exemption for undeclared foreign income Imposition and payment of domestic tax amnesty levy Exemption for undeclared amounts arising in Republic Circumstances where tax relief does not apply Disallowance of deductions, allowances, losses and rebates
15
20
15
30
6 No. 25047 GOVERNMENT GAZE‘ITE, 31 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
20. 21.
22. 23. 24. 35. 26. 27.
28. 29. 30.
31. 31.
Part E
Znvalidity of Approval and Review of Decision
Invalidity of approval Objection against decision of amnesty unit
Part F
Establishment and Procedures relating to Amnesty Unit
Establishment Constitution Powers, functions and duties Disclosure of interest Records, provision and use of information Termination of existence of amnesty unit
Part G
Miscellaneous
Limitation for purposes of Income Tax Act Reporting Regulations
CHAPTER I1
GENERAL AMENDMENTS TO TAXATION LAM’S
Amendment of Act 40 of 1939 Fixing of rates of normal tax in terms of Act 58 of 1962
5
10
15
20
33.-38. Amendment of Act 58 of 1962 39.41. Amendment of Act 91 of 1964 4 2 . 4 5 . Amendment of Act 77 of 1968 46. Amendment of Act 90 of 1989 25 47.48 Amendment of Ac; 89 of 199 I d9. -4mendment of Act 38 of 1??6 50 . Continuation of certain amendments of Schedules Nos. 1 to 6 and 8 to Act 91
5 1. Short title and commencement 30 of 1964
Schedule 1 Schedule 2
CHAPTER I
EXCHANGE CONTROL AMNESTY AND ACCOMPANYING TAX MEASURES 35
Part A
Definitions, Administration and Application
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 40 the meaning so ascribed, and-
“amnesty unit” means the amnesty unit established in terms of section 22; “applicant” means any person contemplated in section 3( l ) ( a ) or (b); “application” means the application contemplated in section 5; “authorised dealer” means an authorised dealer as defined the Exchange Control 45 Regulations;
8 No. 25037 GOVERNMENT GAZETTE. 3 1 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT, 3003
"Commissioner" means the Commissioner for the South African Revenue Service appointed in terms of section 13 of the South African Revenue Service Act, 1997 (Act No. 34 of 1997); "date of approval" means the date on which the notice of approval was delivered by the amnesty unit to the applicant as contemplated in section 9(6); '*deliver'.. in relation to a document, means- (a) handing that document to the relevant person: ( 0 ) 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 (di transmitting that document to the relevant person by electronic means: Pro\.ided 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 l . within ten days of i t being so transmitted by facsimile or electronic means: "domestic tax amnesty levy" means the levy imposed in terms of section 16; "Estate Duty Act. 1955" means the Estate Duty Act. 1955 (Act No. 45 of 195.5); "exchange control amnesty levy" means the levy imposed in terms of section 11; "Exchange Control Regulations'' means the Exchange Control Regulations, 196 1, issued in terms of section 9 of the Currency and Exchanges Act. 1933 (Act No. 9 of 1933): "facilitator" means a person contemplated in section 3( l)(c): "foreign asset'' means- (a i any funds held in foreign current!': and 0 7 1 an!- asset transferred from or accumulated outside the Republic, but does not include an)' foreign bearer instrument: "foreign b x c r instrument" means a financia! 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 pro1.e 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: "General Manager" means the General h4anager of the Exchange Control Department of the South African Reserve Bank or any person to whom the powers, funcrions and duties have been delegated b! the Minister in terms of the Exchange Control Regulations: "Governor" means the person appointed as the Governor of the South African Reserve Bank under section 4 or 6( 1 icc! oC the South African Reserve Bank Ac:. 1989 (Act No. 90 of 1989): "held". "hold" or "holding" 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: "Income Tax. Act. 196'1" means the Income Tax Act. 1961 (Act No. 58 of 1962): "ie\,iabic amount" means the leviable amuunt contemplated i n section 1 i(2j: "market value" in relation to a foreigr. asst! of a person. means the maket value as contemplated in paragraph 31 of the Eighth Schedule to the Income Tax Act. 1969: "Minister" means the Minister of Finance: "relaLed party" 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 amlicant: or
5
10
15
20
35
30
3s
40
45
so
5s
(b) a trust or deceased estate of which the applicant is a beneficiary: .&
10 No. 25047 GOVERNMENT GAZETTE, 3 I MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT, 2003
“resident” means- (a ) for purposes of tax matters, a resident as defined in section 1 of the Income
(6) for purposes of exchange control matters, a person whether of South African Tax Act, 1962; and
or other nationality, who has taken up residence or is domiciled in the 5 Republic, for purposes of the Exchange Control Regulations;
“South African Revenue Service” means the South African Revenue Service established in terms of the South African Revenue Service Act, 1997 (Act No. 34 of 1997); “unauthorised asset” means any foreign asset which was accumulated as foreign 10 assets or transferred from the Republic in contravention of the Exchange Control Regulations; and “unlawful activity” 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 15
Act, 1955, or the Income Tax Act, 1962; or (6) any activity constituting a misrepresentation or non-disclosure that was
necessan to facilitate the contravention or failure contemplated in paragraph (a).
Administration of Chapter 20
2. The amnesty process of this Chapter is administered by the Chairperson of the amnesty unit.
Persons who may apply for exchange control or tax relief in terms of amnesty
3. ( 1 ) The following persons who are resident on 28 February 2003 may apply for amnesty in terms cf this Chapter: 25
( a ) Any natural person (including the deceased estate of a natural person), a close corporation or trust, holding any foreign asset on 28 February 2003, the value of which has been wholly or partly derived from any unauthorised asset;
( 6 ) Any natural person (including the deceased estate of a natural person), a close corporation or trust, holding any foreign asset on 28 February 2003, the value 30 of which has been wholly or partly derived from any amount that was not declared to the Commissioner as required in terms of the Estate Duty Act, 1955, or the Income Tax Act, 1962; and
( c ) Any naturai person (including the deceased estate of a natural person) or any related party in relation to an applicant Contemplated in paragraph (a), which 35 on or before 28 February 2003 assisted that applicant (otherwise than solely in an a d v i s q capacity)- ( i ) by accumulating foreign assets: or
(ii) by transferring funds or assets from the Republic, for the benefit of that applicant in a manner that involves either any 40 contravention of the Exchange Control Regulations or a failure to comply \I>ith the Estate Duty Act. 1955. or the Income Tzx Act, 1962, and those foreign assets. funds or assets are no longer held by that natural person or reiated part).
(2) This Chapter does not apply in respect of any amount not declared to the 45 Commissioner or any failure to comply with the requirements of the Income Tax Act, 1962, as contemplated in subsection (l)(b) and (c) where that amount constitutes, or that failure relates to-
(a ) an amount withheld or deducted by the natural person, close corporation, trust or facilitator. as the case may be, from an employee in terms of paragraph 2 of 50 the Fourth Schedule to the Income Tax Act, 1962; or
Commissioner in terms of section 35 of the Income Tax Act, 1962. ( 6 ) an amount of withholding tax on royalties which must be paid to the
12 No. 35017 GOVERNMENT GAZE?TE, 31 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
Special rules for donors to discretionary trust
4. ( 1 ) A person who is a donor (or the deceased estate of a donor) in relation to a discretionary trust which is not a resident, may elect that any foreign asset contemplated in subsection (2). which was held by that discretionary trust on 28 February 2003, must be deemed to be held by that person. 5
( 2 ) Subsection (1) applies in respect of a foreign asset of a discretionary trust which- (a ) was acquired by that discretionary trust by way of a donation made by the
(b ) has been wholly or partly derived from any unauthorised asset or from any person contemplated in subsection (1);
amount not declared by that donor to the Commissioner as required by the 10 Estate Duty Act, 1955. or the Income Tax Act. 1962: and
discretionary trust. ( c ) has not at the time of that election vested in any beneficiary of that
(3) Where a person has made an election as contemplated in subsection (1) in relation to a foreign asset- 15
(u ) that person must be deemed to have held that foreign asset- ( i) for purposes of this Chapter. from the date that the discretionary trust
( i i ) for the purposes of the Income Tax Act, 1962. from the first day of the
until that foreign asset is disposed of by that discretionary trust to any other person. in which case that person shall be deemed to have disposed of that foreign asset for consideration equal to its market value on the date of disposal; and
f b ) the provisions of sections 7 ( 5 ) , 7(8) and 25B of the Income Tax Act, 1962, and 2 5 paragraphs 70.72 and 80 of the Eighth Schedule to that Act. shall not apply in respect of any income. expenditure or capital gain relating to that foreign asset. nhile it is so deemed to be held by that person.
(1) In order to make the election contemplated in subsection ( I ) , the person must
acquired that foreign asset: and
last year of assessment ending on or before 18 February 2003, 10
submit the founding document of the discretionary trust as at 28 February 2003 with the 30 application in terms of section 5.
Part B
Application, Evaluation and Approval Process
Application for amnesty and period for application
5. An applicant or facilitator applying for amnesty contemplated in this Chapter must 35 submit an application bl, wa> of a sworn affidavit or solemn declaration which must be delivered to the amnesty unit during the period commencing 1 June 1003 and ending 30 November 2003. at the address and in the form and manner as may be prescribed by the amnesty unit.
Required information for application h? applicant 40
6. ( 1 An applicant contemplated in section 3( l)(aJ 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-
luJ disclose the market value on that date of that foreign asset in the foreign 45 currency of the country in which that foreign asset is situated:
Ib) include a description of the identifying characteristics and the location of that foreign asset:
i c / submit in respect of the market value in foreign currency of that foreign asset- 50 ( i ) a valuation certificate by a valuator of the country where that foreign
asset is located:
14 No. 25047 GOVERNMENT GAZETTE, 3 1 M.4Y 2003
Act No. 12.2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
(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(l)(bj who applies for the tax relief in
(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 Comnlissioner 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(l)(bj who applies for the domestic tax
(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)ia)), 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.
(I) An applicant contemplated in subsections (11, (2) and (3) must confirm in the appiication 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.
respect of foreign income, as contemplated in section 15, must-
relief, as contemplated in section 17, must-
Statement of foreign assets and liabilities for tax relief
7. (1) 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 t ie last day or̂ the last year of assessment ending on or before 28 February 2001. in respect of all disciosed 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 countn' in which that foreign asset is situated or liability is incurred.
(2) "here 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 x the last dag' of the ias: year of assessmez! cozkmpiated i: su?xec:ion (1 ).
Required information for application by faciiitator
8. A facilitator who applies for the amnesty in terms of this Chapter. must- apply jointly with an applicant on the prescribed form submitted by that
5
10
15
20
25
30
35
40
45
applicant: confirm that there is no reason for that facilitator to believe that any of the foreign assets. funds or assets contemplated in section 3(i)(c) represented or were derived from proceeds of unlawful activities; and 50 where that facilitator applies for the domestic tax relief. as contemplated in section 17, with respect to a foreign asset of the applicant contemplated in paragraph la)- (i) disclose the amounts that were not declared to the Commissioner, as
required by the Estate Duty Act, 1955, or the Income Tax Act, 1962, to 55
16 KO. 250.47 GOVERNMENT GAZETTE. 3 I MAY 2003
. Act No. 12,.2003 EXCHANGE CONTROL AMNESTY AND AMEKDMENT OF TAX.ATI0N LAWS .4CT. 2003
the extent those amounts were accumulated as or converted to foreign assets:
( i i ) disclose the dates on which those amounts were so accumulated as or converted to foreign assets: and
( i i i ) submit documentary proof of those dates and those amounts which were accumulated as or converted to foreign assets after 28 February 1998.
Evaluation and Approval
9. ( 1 ) If an applicant applying for exchange control relief. as contemplated in Part C. complies with section 6( 1 ) in relation to a foreign asset. the amnesty unit must. subject to section 10. grant appro~~al that Part C applies to the extent of the disclosure in terms of section 6( I ) in respect of that foreign asset.
(1) To the extent that an applicant applying for tax relief in respect of foreign income, as contemplated in sectlon 15. complies with section 6(3) in respect of any forei, on asset. the amnest!. unit must. sub.ject to section 10. grant approval that section 15 applies i n respect of the receipts or accruals from a source outside the Republic from which that fo re ip asset ha5 been derived.
( 3 ) To the extent that an applicant applying for domestic tax relief a5 contemplated i n section 17. complies a i th section 6(3j in respect of an!' amount not declared to the Commissioner as required by the Estate Dut), Act. 1955. or the Income Tax Act. 1962. which relates to a foreign asset. the amnest!' unit must. subject to section 10. :rant approval that section 17 applies in respect of that amount.
14) To the extent that a facilitator applying for exchange control relief. as contemplated in Pan C. complies with section 8. the amnesty unit must. subject to section 1 0 . grant approval that Part C applies in respect of that facilitator.
( 5 j To the extent that a facilitator applying for domestic tax relief, as contemplated in section 17. complies with secrion 8 in respect of any amount not declared to the Commissioner as required b!, the Estate Duty Act. 1955. or the Income Tax Act. 1961. the amnest! unit must. subject to section 10. grant approval that section 17 applies in respect of that amount.
(6) The amnest!. unit must deliver to an applicant or facilitator a notice of its decision to appro\ t the application.
( 7 ) The approval contemplated in subsections ( I ). ( 3 ) . (1) and (5) is granted subject to payment of the full amount of the exchange control amnesty levy or the domestic tax amnest!' lev!.. as the case may be. within the period prescribed in this Chapter.
Circumstances wherc amnest!. unit may no: grant approval
IO. ( 1 The zmnest)' unit shall gran: approva! in terns of section 9 in respect of an
I C ! that applicant delivered the application to the amnest!' unit Lvithin the period
i!)j ncither the General hslanager nor the Commissioner has. before the ~ ~ b ~ l l i > > i ~ i i C J ~ thr applicaiio1.1 in terms of scctjori 5 . dejjvered a notice tO iliat appiixn: or any faciiitator in relatic!! to t h x qpiican!. as the case may be. (or their r=presentatj\e an applicant in terms of section 6 or 7 or by a facilitator in terms of section 8, may not be disclosed to any person where approval in 50 respect of that applicant was not approved as contemplated in section 10; and that information must be submitted to the National Treasury on the date of termination of the existence of the amnesty unit to be retained by the National Treasury for a period of at
( 2 ) Notwithstanding any provision of an)' other .4ct. thc amncsty unit. the 40 P
28 No. 25037 GOVERNMENT GAZEITE. 3 1 MAY 2003
Act No. 12.2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT. 2003
least five years after that date and the secrecy provisions as applicable to the amnesty unit shall continue to apply to the National Treasury in respect of that information.
Termination of existence of amnesty unit
27. The Minister shall terminate the existence of the amnesty unit by notice in the Ga:c.rre at the later of all applications having been either approved or the appeals in 5 respect of those applications which have not been approved. having been finalised.
Miscellaneous
Limitation for purposes of Income Tax Act
28. ( 1 ) For purposes of section 22 of the Income Tax Act. 1961. the value or cost of 10 any foreign asser on 28 February 2003 in respect of which approval for amnesty was granted in terms of section 9. ma! not exceed the value in foreign currency of that foreign asset as disclosed for purposes of the determination of the exchange control amnesty le\,!-.
any foreign asset in respect of which approval for amnesty was granted in terms of section 9. ma!. not exceed the sum of the \ d u e in foreign currency of that foreign asset on 28 Februar! 2003 as disclosed for purposes of the detennination of the exchange control amnesty levy and an!^ expenditure allowable in terms of paragraph 20 of the Eighth Schedule t o the Income Tax Act. 1962. as is incurred after that date. 20
( 3 ) The aggregate of deductions and allowmce in terms of the Income Tax .4ct, 1962. in respect of an ullowance asset. as defined in section 31 of that Act. for all years of assessment ending on or after 3 Februar! 7003. shall not exceed the sum of the value in foreiyn currcnc! of that foreign asset ab disclosed for purposes of the determination of the exchange control amnest)' lev!; and the cost of any additions and improvements 25 after 28 Februan 2003.
( 2 ) For purposes of the Eighth Schedule to the Income Tax Act. 1962. the base cost of 15
Reporting
29. ( 1 The Chairpcrson of the amnest! unit must provide t O - / a ) the Minister a list oi ali appiications for the exchange contl-oi relief in terms of
the amnesty- 30 ( i ) indicating in respect of each application whether or not i t was approved:
( i i \ containing the detaiis of the amounts of the relief granted: and ( i i i ) con:amin_c details of the amounts of ie\,!, payable in terms of Part C in
( h ) the Minister and the Auditor-General a list of all applications for the tax relief 35 in term\ of the amnest!- ( i ) jz6icsi:;g i: rrspcc! cf each apF!icsion \!.h-,ther or nor it !.vas 2pprol:pd:
( i i i containing the aeraiis 0;' the total amount of receips and accruals from foreign sourcch disclosed i n terms of section 6 ( 2 ) l c 1 ~ and amounts disclosed in terms of section 6t3)(a): and
( i i i ) containing details of the amounts of lev). payable in terms of Part D in respect of each such application.
respect of each such application: and
40
( 2 ) The list conlemplated in subsection i I I n u t - ( a ) be in a form that does not disclose the identit!. of any applicant or facilitator
((11 be subn1it;ed at such times as ma!- be agreed between the Chairperson and the concerned: and
h4inister or Auditor-General. as the case may be.
4s
13) The Minister must report to Parliament on- ( N ) the number of applicants and facilitators, respectively, who have applied for
amnesty: 50
30 No. 25037 GOVERNMENT GAZETTE, 3 1 MAY 2003
Act No. 12,2003 EXCHANGE CONTROL AMNESTY AND AMENDMENT OF TAXATION LAWS ACT, 2003
(hi the total market value of all foreign assets which have been disclosed in terms
(c) the total amount of all levies payable by all applicants and facilitators; and (d) the total amount of receipts and accruals from foreign sources disclosed in
of the amnesty;
terms of section 6 ( 2 ) ( a ) and amounts disclosed in terms of section 6(3) (a) . 5
Regulations
30. The Minister may make regulations for generally giving effect to the objects and purposes of this Chapter. including to address any unintended consequences, anomalies or incongruities that may arise with regard to-
(a) the application of these provisions to foreign assets held by a discretionary 10
(6) foreign assets held by an applicant indirectly by way of shareholding in a
(c) the change in residence of any applicant or determination of residence of a
(di the determination of the extent to which any foreign asset represents or was
trust which is not a resident, as contemplated in section 4;
company which is not a resident:
discretionary trust contemplated in section 4: or 1.5
derived from- (i) any unauthorised assets; or
(ii) any amount which was not declared to the Commissioner in terms of the Estate Duty Act. 19.55, or the Income Tax .4ct, 1962, as contemplated in 20 section 6 . 7 or 8(c).
CHAPTER I1
GENER4L AMENDMENTS TO T.4XATION LAWS
Amendment of section 2 of Act 40 of 1949. as substituted by section 2 of Act 77 of 1964 and amended by section 1 of Act 56 of 1966, section 2 of Act 66 of 1973, section 2.5 3 of Act 88 of 1974, section 5 of Act 106 of 1980, section 3 of Act 87 of 1988, section 2 of .4ct 136 of 1992, section 3 of Act 97 of 1993, section 1 of Act 37 of 1995, section 9 of Act 37 of 1996. section 2 of Act 32 of 1999 and section 2 of Act 30 of 2002
31. ( 1 ) Section 2 of the Transfer Dut! Act. 1949. is hereby amended by the substitution in subsection i 1 for paragraph ib) of the following paragraph: 30
'.