Draft legislation allowing South Africans who illegally stashed money offshore to bring the funds home, cleared its final hurdle in Parliament yesterday.

The Exchange Control Amnesty and Amendment of Taxation Laws Bill was approved unanimously by the National Council of Provinces, clearing the path for its almost immediate implementation.

President Thabo Mbeki is expected to sign the measure today, and the bill should be enacted in the Government Gazette tomorrow.

The measure will allow individuals, closed corporations and trusts to apply, between June 1 and November 30 this year, for amnesty from civil and criminal prosecution for illegally moving money abroad in the past.

The amnesty is also open to a small class of "facilitators", such as wholly owned companies, who actively assisted individuals to shift funds offshore.

In terms of the bill, individuals must apply to an amnesty unit, made up of representatives from the SA Revenue Service (Sars) and SA Reserve Bank (SARB), giving details of funds held outside South Africa, and a declaration the money was not earned through unlawful means.

The members of the unit will be bound by secrecy provisions, and information may not be used for investigation.

Those wishing to repatriate assets will be charged a five per cent levy, while applicants choosing, rather, to keep the money offshore, will pay a 10% charge.

The amnesty will also cover transgressions of some domestic taxes - income tax, donations tax, secondary tax on companies and estate duty - to the extent these related to foreign assets.

Such domestic tax violations will incur a levy of two per cent of the undisclosed amount.

Finance Minister Trevor Manuel is due to announce the names of the chairperson and the panel making up the amnesty unit at a briefing in Johannesburg today.

He is also expected to give details of the amnesty procedure and requirements, and provide the contact information for the amnesty unit. – Sapa.