Treasury to extend tax amnesty period three months to end-June 2017
THE Treasury has acceded to calls by tax practitioners, for an extension of the period for submission of applications under the special voluntary disclosure programme.Instead of the six-month period from October 2016 to the end of March 2017 that was initially proposed, the Treasury has now agreed to a nine-month period from October 2016 to the end of June 2017.Treasury chief director of legal tax design Yanga Mputa made the announcement — in a briefing to Parliament’s standing committee on finance — on the Treasury’s response to the tax proposal, which offers taxpayers who have illegally kept assets abroad the opportunity to come clean and regularise their tax affairs.The concession will be warmly welcomed by tax practitioners, who argued that six months was too short a period, given the complexity of the documentation required for the amnesty, which covers both undisclosed income tax and foreign exchange contraventions.The Treasury has also accommodated concerns over the inclusion...
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