PRETORIA- The South African Revenue Service (SARS) has reminded taxpayers of the looming 31 August deadline for the Special Voluntary Disclosure Programme (SVDP).
The SVDP is a window period for individuals and companies to regularise undisclosed or unauthorised foreign assets and associated income. The programme came into effect on 1 October 2016.
SARS also informed taxpayers of a new global common reporting standard (CRS) for exchange of information between tax authorities.
Taxpayers should note that in terms of the new global CRS for the automatic exchange of information between tax authorities, 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, said SARS.
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 website (www.sarsefiling.co.za).
The revenue service and the South African Reserve Bank (SARB) have established a joint application process.
Applications for exchange control relief may be made on the new SVDP01 form which is also available on the SARS eFiling website.
Source: NAM NEWS NETWORK