Boardroom Talk
Boardroom Talk – Treasury moves on Exchange Control with a “it had to happen” moment
For the past five years, South Africans have been shovelling as much money as possible out the country. Particularly those with lots of it.
By Alec Hogg
Last Wednesday, SA's Treasury gave us one of those "it had to happen" moments. For the past five years, South Africans have been shovelling as much money as possible out the country. Particularly those with lots of it.
As Magnus Heystek writes on BizNews this morning (click here), in a deliberately timed pre-long-weekend move, new red tape has been introduced to make it practically impossible for citizens to export their annual R10m per taxpayer. Ditto for those intending to financially emgrate.
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