South Africa believes only 6% of the assets declared under its offshore amnesty will be returned to ...
South Africa believes only 6% of the assets declared under its offshore amnesty will be returned to the country. The South African Finance Minister Trevor Manuel said he expected between R3bn (£261m) and R4bn (£348m) to be repatriated as part of the government's Exchange Control Amnesty Bill.
But this is only a small proportion of the R65bn (£5.66bn) that was disclosed to the government by South Africans as having been taken offshore illegally, said Manuel.
South Africans were given between 1 June and 30 November 2003 to declare to the South African Revenue Services how much money they had put offshore illegally. In return, the government said it would levy a tax of only 5% on money repatriated during the six-month amnesty and 10% on assets that investors wanted to retain offshore.
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