South African Finance Minister Trevor Manuel said on Monday there were several issues regarding the government’s proposed amnesty for those having taken funds offshore illegally that needed to be clarified and re-examined, including those of trusts and the role of advisors, as well as that of domestic taxes.
Speaking at a press briefing at Parliament, Manuel also said that it did not appear that the Treasury would be able to submit the proposed Bill dealing with the framework of the amnesty to Parliament in time for the much-publicised window of May 1 to October 31 to be effective.
“We are in close contact with Parliament’s Finance Committee, but it will depend on the ability of Parliament to pass the Bill and to deal with these issues,” he said.
“It doesn’t look like we can get the Bill in by the deadline of the day-after-tomorrow, so we are examining all of our options. We will be in communication,” he concluded. – I-Net Bridge