PENALTIES AND COMPLIANCE
Taxpayer disclosure period extended by another two months
Parliament’s standing committee on finance has agreed to a further two-month extension to the special voluntary disclosure programme , which is aimed at giving noncompliant taxpayers the opportunity to regularise their financial affairs without facing heavy penalties. The decision follows intense lobbying by tax practitioners and financial advisors, who said during public hearings on the proposal that more time was needed for their clients to collect all the required documentation and submit their applications. Committee chairman Yunus Carrim said there was a view that more people were likely to come forward under the programme if they had more time. The original deadline for the programme was the end of March 2017. Finance Minister Pravin Gordhan then agreed to a two-month extension until the end of June. The committee agreed on Wednesday that a further extension was desirable.
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