kangaroo Posted February 15, 2006 Report Share Posted February 15, 2006 Hi all, herewith an extract from News24 today, following SA Finance Minister Trevor Manuel's budget speech:Offshore allowance up to R2m2006-02-15 14:43:14 Cape Town - The offshore individual allowance for South Africans is to be increased from R750 000 to R2m, Finance Minister Trevor Manuel announced on Wednesday. Delivering his 2006/07 Budget in the national assembly - his 10th as minister - Manuel said altogether R68.6bn in foreign assets had been disclosed in terms of government's exchange control and tax amnesty, announced in February 2003. A total of 42 672 applications had been dealt with and the process was now complete. The regularisation of the foreign asset holdings and tax obligations of the vast majority of applicants meant they could now manage their financial affairs without fear of criminal or civil prosecution. It also raised the declared income tax base by about R1.4bn, and contributed to the statistical records of the SA Revenue Service and SA Reserve Bank. The R2.9bn in revenue raised through amnesty levies would be assigned to joint public/private partnership investments in community infrastructure and business development in low-income neighbourhoods. Manuel said the completion of the amnesty process laid the foundation for a more orderly process of portfolio diversification by South Africans. "The offshore individual allowance will accordingly be increased from its present limit of R750 000 to R2m per person." To encourage participation in projects supportive of the New Partnership for Africa's Development (Nepad) development goals, the present foreign direct investment threshold of 50% would be lowered to 25% for investment in Africa by South African corporates and mandated parastatals, Manuel said. Quote Link to comment Share on other sites More sharing options...
Ray51 Posted February 15, 2006 Report Share Posted February 15, 2006 O.K. thanks for this !So then : what are the important aspects re : - disclosure , to tax offices in RSA and- taxation , of dividends/yields/capital gains etc...???? Quote Link to comment Share on other sites More sharing options...
Riekie Posted February 17, 2006 Report Share Posted February 17, 2006 Thanks Kangaroo! That's good news! Quote Link to comment Share on other sites More sharing options...
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