Non-compliant taxpayers who missed the South African Revenue Service (SARS)’s deadline for its Special Voluntary Disclosure Programme (SVDP) can still make use of the Voluntary Disclosure Programme (VDP).
SARS says in a press release that under the SVDP, non-compliant taxpayers with unauthorised foreign assets and income have to date entered into agreements with SARS to the value of over R3,3-billion in tax liabilities.
In terms of the agreements reached, these taxpayers have already paid over R2,7-billion to SARS and the Revenue Service expects another R580-million to be paid by the end of March.
The R3,3-billion includes agreements to pay SARS following information contained in the “Panama Papers”.
More than 759 high net worth individuals have made use of the normal VDP programme since 2012 and that during the SVDP period, 195 high net worth individuals applied.
The SVDP was announced in the Budget Speech in 2016 by the Finance Minister to give non-compliant taxpayers the opportunity to voluntary disclose unauthorised offshore assets and income.
These taxpayers had a limited window period running from 1 October 2016 to 31 August 2017 to voluntary disclose tax and exchange control defaults specifically in relation to offshore assets.
However, those taxpayers who missed the SVDP can still make use of the normal VDP process to voluntarily regularise their tax affairs.