TUESDAY, 10.30AM
THE Reserve Bank on Monday waived the requirement for a tax certificate by individuals wishing to move funds into offshore investments.
Continuing to set the scene for a general relaxation in exchange controls, Bank exchange control GM Eric Pike confirmed that individuals will now no longer be required to present a tax certificate from the Receiver of Revenue, but will instead only have to furnish a signed declaration that they are in good standing with the taxman.
Said Pike: “The onus has been put on the individual. He will have to fill in a form giving his tax number and saying he is in good standing with the receiver. If he lies, he opens himself up to a fraud charge.”
Pike said the Bank had waived the requirement for a tax certificate in order to avoid “unnecessary bureaucracy” undoing the effect of the imminent relaxation of forex controls.