What’s so special about the taxman’s SVDP for offshore tax?
The window for SARS’s special voluntary disclosure closes soon. Nel Schoeman looks at when to use the ‘special’ deal and when to go for the ordinary disclosure programme
The South African Minister of Finance announced a Special Voluntary Disclosure Programme (SVDP) in his Budget speech on 24 February 2016. The motivation behind this was to afford taxpayers with a final opportunity to regularise their offshore tax position prior to SARS being made aware of South African tax residents’ offshore interests via the international automatic exchange of information under the Common Reporting Standard of the Organisation for Economic Co-operation and Development (OECD). The SVDP bill, which was released on 24 February 2016, has throughout the course of last year undergone a number of substantial changes, following intensive feedback from interested groups during the public hearing process, and was finally promulgated in January this year. Even though many of those affected are still coming to terms with the scope of the CRS, which leaves virtually no other option other than to regularise their offshore position, the real question for most is whether or not t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.