29 July 2016 South African Treasury issues draft amendments to Special Voluntary Disclosure Program for public comment South Africa's National Treasury (Treasury) on February 24, issued draft bills to promulgate a special voluntary disclosure program (SVDP) aimed at providing South African taxpayers with offshore income and assets with a final opportunity to get their affairs in order before the global implementation of the automatic exchange of information between tax authorities in 2017. The SVDP is run on the same principles as the "permanent" voluntary disclosure program (VDP) contained in Chapter 16 of the Tax Administration Act (TAA), 28 of 2011. This means that all the VDP provisions in the TAA will apply to the SVDP, as applicable. The SVDP covers non-compliance during the periods of March 1, 2010 to February 28, 2015 and is accessible only for the period October 1, 2016 to March 31, 2017. A Tax Alert prepared by Ernst & Young South Africa, and attached below, provides additional details. Document ID: 2016-1302 |
