SA agrees to an offshore amnesty bill

Professional Adviser
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tax & jurisdiction

The South African National Assembly has passed a bill with the aim of encouraging unwilling investors to repatriate what is estimated to be many millions of dollars that have been put in offshore accounts over the past few decades. Under the terms of the Control Amnesty Bill, investors and their advisers will be exempt from either civil or criminal prosecution if they bring their assets back on shore. There will, however, be a 5% tax. Trusts will also be able to apply for the amnesty. The bill must now be considered by the National Council of Provinces. In a seperate development, an err...

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