The South African Revenue Service (SARS) has received 606 applications so far under the special voluntary disclosure programme (SVDP) that allows taxpayers to come clean about their undeclared foreign assets. Of these, 253 applications relating to offshore assets valued at R6.5bn have been processed, SARS said in a statement on Thursday. The SVDP also covers foreign exchange contraventions and are being processed by the Reserve Bank, which has received 943 applications of which 440 have been processed so far. The SVDP programme comes to an end on August 31 and SARS is appealing to taxpayers with undisclosed offshore assets to use the time available to submit their applications. "In line with SARS’ experience with previous deadlines, it is anticipated that the number of applications will increase significantly in the closing days of the SVDP window," the statement said. SARS said that where taxpayers were encountering difficulties in obtaining the relevant values of offshore assets —...
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