Voluntary disclosure drive nets 2,002 applicants
The gross value of foreign assets declared is R35bn, Finance Minister Malusi Gigaba says
A total of 2,002 applications under the special voluntary disclosure programme, which closed on August 31, were received with the gross value of foreign assets declared being R35bn, Finance Minister Malusi Gigaba said on Tuesday. He said tax revenue from the programme could potentially amount to R4bn, though this was subject to further verification. Judge Dennis Davis, who heads up the Davis Tax Committee and was an ardent proponent of the special voluntary disclosure programme, said he was "certainly encouraged" by the outcome, though he believed there were still many people who had not come forward. It is understood that the government was hoping for asset declarations of R40bn from the latest programme, which provided tax and foreign exchange relief for taxpayers who declared their illegal assets. In the 2003 tax amnesty, 42,000 applications were received with R69bn in assets being declared of which R48bn was for illegally held offshore assets. The final result of the programme d...
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