Deadline for SARS voluntary disclosure soon

Taxpayers have been reminded of the looming deadline for the Special Voluntary Disclosure Programme (SVDP) on 31 August 2017.

SVDP is a window period for individuals and companies to regularise undisclosed or unauthorised foreign assets and associated income. It came into effect on 1 October 2016.

Taxpayers are urged to note that in terms of the new global Common Reporting Standard (CRS) for the automatic exchange of information between tax authorities, South African Revenue Services (SARS) will start receiving offshore third party financial data from other tax authorities on a regular basis from September 2017; hence the SVDP window period ends on 31 August 2017.

SVDP application process

• The South African Revenue Service (SARS) and the South African Reserve Bank (SARB) have established a joint application process.
• Applications for tax relief may be made in the new SVDP section of the Voluntary Disclosure Programme (VDP01) form that is available on SARS eFiling.
• Applications for exchange control relief may be made on the new SVDP01 form, also hosted on SARS eFiling.