A taxing amnesty

South African residents who hold foreign assets have under the tax amnesty, until the end of February 2004 to disclose them or face penalties. In February 2003, Trevor Manual, the minister of finance for South Africa, announced an amnesty process whereby residents who have breached South African exchange control rules will be given a period of grace in exchange for full disclosure of foreign assets. The process The legislation for the amnesty was passed in June 2003, and investors have until the 29 February 2004 to declare foreign assets. Amnesty is applicable in respect of three s...