OFFSHORE DISCLOSURE
SARS ‘satisfied’ with R1bn raised so far in asset amnesty
‘Those who have not applied for offshore tax relief can still do so under the normal voluntary disclosure process’
The amnesty programme for taxpayers with undisclosed offshore assets had so far raised just more than R1bn in additional revenue, but more was expected, the South African Revenue Service (SARS) said on Tuesday. SARS revealed that 2,018 taxpayers had applied in terms of the special voluntary disclosure programme by the time it closed on August 31 and 335 of those applications had so far been processed. "SARS is quite satisfied with the response by South African taxpayers and traders to take advantage of the SVDP [special voluntary disclosure programme]," the revenue service said in a statement. "Those who have not applied for offshore tax relief can still do so under the normal voluntary disclosure process." It is unclear whether the SVDP, which was announced in former finance minister Pravin Gordhan’s February 2015 budget speech, has brought in as many applications as was hoped for. Sources close to the process had earlier said the Treasury was expecting as much as R40bn in offshore...
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