TO RECTIFY YOUR TAX AFFAIRS
Taxpayers who have undisclosed foreign assets have nine months to become compliant.
The Special Voluntary Disclosure Programme (SVDP) is not an amnesty, says Octagon Chartered Accountants, but rather a last chance to regularise one’s affairs and still obtain some relief from penalties.
Explains Octagon Chartered Accountants, the chartered accounting and tax advisory firm, the SVDP will cover not only tax but also Exchange control transgressions and will be controlled by a SVDP Unit operated by the South African Revenue Service (SARS) and the Financial Surveillance Department of the South African Reserve Bank (FinSurv).
According to the latest legislation, the SVDP will be available from 1 October 2016 to 30 June 2017.
To learn more about the Tax voluntary disclosure and the Exchange control voluntary disclosure, please contact your friendly partner at Octagon
What is the special Voluntary Disclosure Programme (VDP)
The special VDP was introduced by the South African Revenue Services (SARS) in order to provide the opportunity for non–compliant taxpayers with undisclosed foreign assets and income a final opportunity to regularise their tax affairs. Natural persons (including deceased estates of natural estates), close corporations and companies who are South African residents are eligible to be a part of the special programme.
The VDP aims to encourage taxpayers to come forward on a voluntary basis to regularise their tax affairs with SARS and avoid the imposition of understatement penalties and other administrative penalties
The duration of the special VDP will commence from the 1 October 2016 until 31 March 2017