Archive for Exchange Control

OFFSHORE ASSETS DISCLOSURE WINDOW

OFFSHORE ASSETS DISCLOSURE WINDOW

6-month opportunity for taxpayers to declare overseas income Taxpayers with offshore assets need to disclose them to the South African Revenue Services (SARS) before time runs out. There is an opportunity to voluntarily disclose overseas assets and income and any exchange control contraventions that occurred…

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2016 TAX/EXCHANGE CONTROL AMNESTY: WHAT WE KNOW SO FAR

2016 TAX/EXCHANGE CONTROL AMNESTY: WHAT WE KNOW SO FAR

South African Revenue Services (SARS) administers a voluntary disclosure programme under the Tax Administration Act for (only) tax non-compliance. South African Reserve Bank (SARB) has a less formal voluntary disclosure programme for (only) exchange control contravention. These two programmes are not coordinated.  South Africa and…

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WHAT YOU SHOULD KNOW ABOUT INVESTING OFFSHORE

WHAT YOU SHOULD KNOW ABOUT INVESTING OFFSHORE

South Africa has a residence-based tax system, which means you must pay tax in this country on your assets, regardless of where in the world they are.  If you have not disclosed assets to the South African Revenue Service for tax purposes, it is likely…

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WHAT YOU SHOULD KNOW ABOUT THE SPECIAL VOLUNTARY DISCLOSURE PROGRAMME

WHAT YOU SHOULD KNOW ABOUT THE SPECIAL VOLUNTARY DISCLOSURE PROGRAMME

The special voluntary disclosure programme (VDP) may seem similar to the “grey money” amnesty, but there are a number of differences.  With the 2004 amnesty, you needed to declare tax for the previous and current tax years and pay a levy of 5 or 10%…

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