Special Voluntary Disclosure Programme (SVDP)
A SVDP is a disclosure program SARS has implemented that allows taxpayers that have not disclosed their foreign assets and income. Taxpayers who have assets or investments overseas that have not been disclosed will have from the 1st of October 2016 to 31 August 2017 to declare this.
With the exchange of information between banks and countries, SARS will find out about all assets and investments held by SA residence who are required to declare all their income in the SA income tax returns.
How does this work practically:
1) You do a SDVP on e-filing and submit everything electronically.
2) It is for individuals, companies, donors, deceased estates, offshore trusts, etc
3) You cannot apply for a SVDP if SARS has picked up that you have foreign assets, or if you are under investigation for any reason and normal trusts
4) If you apply you will get relief on penalties and interest on understatement, non-compliance etc.
Refer to the SARS website for more information >> http://www.sars.gov.za/Legal/VDP/Pages/Special-Voluntary-Disclosure.aspx or give us a call on 011 6581324 or email us on firstname.lastname@example.org