Reservations about application process for special tax disclosure relief
The South African Revenue Service (SARS) has received more than 40 applications from taxpayers for relief under the special voluntary disclosure to regularise their undisclosed offshore assets. The value of the assets pertaining to the 40 applications amounts to R400m, but it is considered the tip of the iceberg. Davis tax committee chairman Dennis Davis has previously said the potential tax revenue emanating from a successful programme could be about R15bn. The special voluntary disclosure programme (SVDP) was announced in the February budget and commenced on October 1, and is scheduled to run until June 30 2017. The SVDP is meant for individuals and companies who have not in the past disclosed tax and exchange control defaults in relation to offshore assets. Some tax practitioners have expressed their reservations about the application process, based on experiences with the ongoing voluntary disclosure programme (VDP). The VDP is an ongoing "amnesty" for all taxpayers, but with le...
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