The South African Revenue Service (SARS) has collected more than R3.3bn in tax liabilities through its special voluntary disclosure programme. The tax authority announced on Thursday that noncompliant taxpayers with unauthorised foreign assets and income had to date entered into agreements with SARS to the value of more than R3.3bn in tax liabilities. A total of 195 high net worth individuals applied to regularise their tax affairs. No figure was provided of the total amount of undeclared wealth on which the R3.3bn in tax liability was paid. While Judge Dennis Davis of the Davis tax committee expected a lot more tax income to be derived from the programme, PwC tax policy leader Kyle Mandy said that the amount collected was broadly in line with expectations. The 2003 tax amnesty raised R2.9bn in tax liabilities, with R48bn of the R69bn of the wealth that was declared having been held offshore illegally. SARS said in a statement that in terms of the agreements reached with the taxpaye...
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