XOLISA PHILLIP: Gordhan papers add scepticism to mix over offshore assets
Exactly two weeks ago, the state formally opened the nine-month window period during which South Africans can "regularise" their tax and foreign exchange affairs. Projections currently are that the exercise could net the fiscus R10bn-R15bn, which will give the state coffers a much-needed boost and cushion us from a general tax hike. The special voluntary disclosure programme consists of a tax dispensation and an exchange control component. The South African Revenue Service (SARS) and the Reserve Bank are the two regulating entities entrusted with implementing the programme at the behest of the finance ministry. The bill governing the process, which applies to individuals and companies, is before Parliament. Finance Minister Pravin Gordhan made the announcement about plans to initiate the programme during his budget speech in February. The last such exercise, initiated in 2012, had at last count generated R6.3bn for the fiscus — a mere R500m shy of the R6.8bn apparently shuffled acro...
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