Thursday, October 12, 2017
Over 2,000 taxpayers made use of South Africa's Special Voluntary Disclosure Programme, which closed on August 31, 2017, the South African Revenue Service (SARS) said October 10.
The scheme was launched on October 1, 2016, and was designed to run concurrently with the existing Voluntary Disclosure Programme (VDP). It provided non-compliant taxpayers with an opportunity to regularize foreign assets and income by voluntarily disclosing tax and exchange control defaults.
More than ZAR1.1bn (USD86.2m) was collected. Welcoming the amnesty's performance, the agency said: "This collected revenue provides a boost to SARS's revenue purse in a difficult economic period and will assist the country in its socio-economic development to take South Africa forward. While it was not not possible to anticipate the number of applications beforehand, as was demonstrated in the 2016 Budget Review, SARS is quite satisfied with the response by South African taxpayers and traders to take advantage of the SVDP."
Offshore tax relief can still be applied for under the normal VDP process.