Shuttleworth to fight R250 million SARB levy in court

Valerion

Expert Member
Joined
Oct 13, 2003
Messages
1,922
Hope they make him pay it and impose a fine.
Why? Because he's rich? The money he made was from a US business, most of it didn't originate here. And if he's not living here any more, shouldn't he have access to his money?
 

satanboy

Psychonaut seven
Joined
Sep 13, 2007
Messages
98,803
Did you read the article?

The levy was paid so he could move his money out of the country.

This levy was dropped later.

He wants his money back.
No, I didn't. I see. Lets keep the money...bloody rich people. :p
 

rrh

Expert Member
Joined
Nov 29, 2005
Messages
3,226
And, if memory serves correctly, when he sold he gave all of the staff - including the office cleaner - huge bonuses.
 

tRoN

Executive Member
Joined
Mar 13, 2007
Messages
6,239
I don't think ill make 250 million in 2 lifetimes and this lucky dude can pay it as a fine!
 

MKFrost

Expert Member
Joined
Oct 23, 2012
Messages
3,837
I just hope his case leads to even more of our exchange controls being scrapped.
 

Viva

Expert Member
Joined
Jul 18, 2009
Messages
4,433
What they should instead be thinking about is why a bright mind like Shuttleworth has chosen to leave the country and move his capital. There are certain unfavourable economic realities in SA. The government is failing to provide the incentives for entrepreneurs to willingly stay and innovate, and take this country forward. Instead they do everything in their power to make these guys feel unwelcome.

I cringe when I think about the fact that Elon Musk, a South African, is thriving in the US instead of here. I blame the SA government for that.
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
16,529
What they should instead be thinking about is why a bright mind like Shuttleworth has chosen to leave the country and move his capital. There are certain unfavourable economic realities in SA. The government is failing to provide the incentives for entrepreneurs to willingly stay and innovate, and take this country forward. Instead they do everything in their power to make these guys feel unwelcome.

I cringe when I think about the fact that Elon Musk, a South African, is thriving in the US instead of here. I blame the SA government for that.
He knew the law before he decided to move his estate out if SA, so what's the deal? New businesses not making him enough, life too costly so now he wants to get back his tax?

2ndly Elon Musk would be the world biggest idiot if he was in SA.. Why?? Because if you wanna do anything big in the tech industry you need to be at the heart of the tech industry and funders. Heck, you will see with a bit of digging that a lot of SA entrepreneurs who really hit the big time have moved abroad.

The ones that make it big in SA have sold their companies to companies who which needed it to circumvent restrictions or invent things which are predominantly in the African market.


Anyway the point I wanted to make was that blaming the government for everything is stupid. I'd love to see someone invent a billion dollar company in SA without leaving SA. Even without tax it's improbable
 

biometrics

Honorary Master
Joined
Aug 7, 2003
Messages
71,857
He knew the law before he decided to move his estate out if SA, so what's the deal? New businesses not making him enough, life too costly so now he wants to get back his tax?
The levy was dropped soon after. So only he gets taxed which is not fair.
 

antowan

Honorary Master
Joined
Nov 1, 2003
Messages
13,025
Exchange control is utter bull****. It is partly to blame for us being in the ****hole which is the digital backwaters of the world. Using PAYPAL for instance is such a ****ing nuisance because of that ****. Government should make it easy for tech companies to flourish here, instead they put up hurdles...
 

Viva

Expert Member
Joined
Jul 18, 2009
Messages
4,433
Exchange control is utter bull****. It is partly to blame for us being in the ****hole which is the digital backwaters of the world. Using PAYPAL for instance is such a ****ing nuisance because of that ****. Government should make it easy for tech companies to flourish here, instead they put up hurdles...
That's kind of what I was trying to say earlier. I don't blame Shuttleworth or Elon Musk for doing their business where the environment allows for it to flourish. I would have done the same.
 

OGroteKoning

Honorary Master
Joined
Apr 8, 2011
Messages
10,741
He should only be held liable to pay once No 1 has paid for his homestead

/enjoy the money MS
 

Jola

Honorary Master
Joined
Sep 22, 2005
Messages
19,606
He should only be held liable to pay once No 1 has paid for his homestead

/enjoy the money MS
The problem is that he has already paid, he is trying to get the money back.

The only function of exchange control is to allow governments to misbehave.
 

Skerminkel

Expert Member
Joined
Dec 3, 2008
Messages
3,678
I don't think ill make 250 million in 2 lifetimes and this lucky dude can pay it as a fine!
Not luck, is it? Talent, opportunity, hard work. I guess being born at the right time in history can be considered "luck", but it is only part of the story.

Anyway the point I wanted to make was that blaming the government for everything is stupid. I'd love to see someone invent a billion dollar company in SA without leaving SA. Even without tax it's improbable
Naspers? yes, they are making the money in foreign, but there must be very few "billion dollar companies" who do not work international.

RE the OP:
Exchange control has cushioned us from short term fluctuations in the international market, but I think the time for it is over. It should be phased out gradually. But then real economists have opposing views on this.
I am sure Shuttleworth would have retained more of his business here if exchange controls were not so strict.
 
Last edited:
Top