2024 Insights - 2024-09-10

The time is right for another amnesty

Paul Gering | Partner - PKF Durban

In 2003, South Africans were given a lifeline—a chance to come clean and regularise any offshore funds they had kept under the radar.

This amnesty was more than just a bureaucratic exercise; it was a moment for individuals and businesses to align with the law, disclose their foreign assets, and contribute to a shared vision of a prosperous South Africa. But, as time has shown, not everyone took that lifeline. Despite the government’s efforts, a significant amount of money remained unreported, hidden and out of reach.

2023 Insights - 2023-04-21

Commissioner for the South African Revenue Service v Medtronic International Trading S.A.R.L [2023] ZASCA 20 (“Medtronic case”)

On 18 June 2017, Medtronic International Trading (“the Taxpayer”) concluded a Voluntary Disclosure Programme (“VDP”) with the South African Revenue Services (“SARS”) as the result of fraudulent transactions of a former employee. The capital amount of the VDP amounted to R 311, 602, 431.49 and the total interest thereon amounted to R201, 185, 012.59. After the conclusion of the VDP agreement, the Taxpayer requested a remission of interest levied on the late payment of Value Added Tax (“VAT”).