n Without Prejudice - Exchange control and the Shuttleworth decision : tax
|Article Title||Exchange control and the Shuttleworth decision : tax|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Oct 2013|
|Pages||34 - 36|
Billionaire Mark Shuttleworth certainly did well when he disposed of his business - he realised approximately R4,2bn. He decided to emigrate from South Africa on February 23 2001. As a result, the assets located in South Africa were blocked. In order to remit the funds from South Africa, Shuttleworth was required to pay a 10% levy of R250 474 893 to the South African Reserve Bank.
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