A taxing amnesty

In February 2003, Trevor Manual, the minister of finance for South Africa, announcedan amnesty process whereby residents who have breached South African exchangecontrol rules will be given a period of grace in exchange for full disclosureof 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 specific areas, namely, the breaking of exchange control rules, failure to pay taxes in South Africa on foreign income, and failure to pay taxes on S...