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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 prior to February 29, in a special window period from
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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 93 other jurisdictions are signatories to the Convention on Mutual
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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 that you are in contravention of the tax legislation. You
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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% on your offshore assets, depending on whether you wanted to
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