South African tax amnesty - part two

After last month's in-depth look at the South African Tax Amnesty, draft regulations proposing a series of amendments to the South African tax and exchange control rules were issued on 16 August 2003 for public comment. The proposed amendments are designed to clarify some areas of doubt within the main rules that had led to reluctance on the part of many to take advantage of the amnesty. Among the proposals, the following amendments will be of interest to advisers: (a) Currently, the amnesty does not technically apply to donations to discretionary trusts from South African assets where ...