RBZ reveals “16 categories of illegally externalised money” covered under 3-month amnesty
Illegally expatriated foreign exchange and assets should be declared to the Bank or the affected person’s bankers on “a no questions asked” basis.
An application for amnesty should be filed with the Bank or through the affected person’s bankers and such application will be treated with confidentiality. The Application form is obtainable upon request from the Bank’s Exchange Control Department or any authorised dealer.
For the avoidance of doubt, the foreign exchange or assets to be repatriated under the amnesty includes foreign exchange or assets obtained from Zimbabwe and expatriated through acts or omissions such as: –
(a) Export of any currency above permissible thresholds;
(b) Smuggling of gold and other precious stones;
(c) Non-repatriation of export proceeds due to the country;
(d) Undervaluation of exports and overvaluation of imports and retention of the funds offshore;
(e) Trade misinvoicing by importers to evade customs duties, VAT, or income taxes;
(f) Non-return of temporary exports and disguised exports of samples;
(g) Payments for imports of goods and services whose corresponding value has not been received into the country;
(h) Remittance of funds used for investments offshore without Exchange Control approval;
(i) Offshore retention of funds realised from sale of local assets e.g. shares in local companies to foreign residents;
(j) Offshore retention of investment income such as dividends, profits and management fees due to the country;
(k) Remittance of funds for repayment of fictitious offshore loans;
(I) Management fees and technical fees;
(m) Settlement of purchase prices offshore, for an immovable property situated in Zimbabwe;
(n) Operation of illegal offshore bank accounts by individuals and companies funded from Zimbabwe;
(o) Offshore retention of sale proceeds realised from smuggled goods or minerals; and
(p) Any unauthorised offshore retention of funds without Exchange Control approval.
Dr JP Mangudya
1 January 2018