29 February 2016 South Africa introduces special voluntary disclosure program In the 2016 Budget speech, the Minister of Finance announced a special voluntary disclosure program to provide an opportunity for non-compliant taxpayers to voluntarily disclose offshore assets and income. Individuals who hold unauthorized foreign assets or have derived unreported earnings offshore may voluntarily disclose these assets or earnings to the South African Reserve Bank and/or the South African Revenue Service between October 2016 and February 2017. Those who make use of the program will be subject to lower levies, penalties and taxes than would otherwise be the case. A Tax Alert prepared by Ernst & Young's Human Capital Group, and attached below, provides additional details. Document ID: 2016-0399 |
