THE state’s new special disclosure programme for offshore assets could add R10bn-R15bn to government revenue if handled properly, says tax advisory committee chairman Judge Dennis Davis.This could "tide us over for a year", and close the revenue gap that the Treasury identified in the February budget, and lessen the need for tax increases.The programme, which includes an exchange control amnesty and the tax dispensation, is due to run from October 1 to the end of March 2017, and is intended to provide a window for those with undisclosed offshore assets to declare them and pay penalties.Legislation on the tax programme is going through Parliament, but some tax practitioners say the programme has still not been made attractive enough and, while it could raise revenue, Davis’s estimates may be over-optimistic.Speaking on Monday at the week-long annual Tax Indaba in Midrand, Davis said though an increase in value-added tax (VAT) was the only engine for expanding tax revenue in the longe...
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