SARS has extended the Voluntary Disclosure Program deadline to indefinite, which is good news. This gives taxpayers living with concerns about previously undeclared indiscretions the opportunity to have their tax affairs regularised. Not designed or intended as a witch-hunt, but rather a chance to bury sins of the past. Bottom line?
When declaring previously omitted income you’re still obliged to pay the tax, but with limited penalties. No interest and no questions asked.
The terms are fair and reasonable and the VDP Application is easy. The only snag – it’s a paper intensive process that takes time, skill and patience – no e-filing! Original documentation and signatures only, no exception!
Is it worth the risk to let the taxman stand between you and assets left behind in South Africa? We don’t think so.
We work with SARS, Reserve Bank, complex regulations and bureaucracy all day every day. Please feel free to discuss your specific circumstances – our tax specialists are here to help. Confidentiality guaranteed.
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