Pretoria - Individuals and companies can now voluntarily disclose unauthorised foreign assets and/or income, National Treasury says.
The project, known as the Special Voluntary Disclosure Programme (SVDP), kicked off on Saturday.
“The SVDP provides a window period for individuals and companies to regularise undisclosed or unauthorised foreign assets and associated income,” Treasury said.
The programme was first announced by Finance Minister Pravin Gordhan during the 2016 budget speech.
The project will run from October 2016 to the end of June 2017, ahead of the new global standard for automatic exchange of information between tax authorities commencing.
The Ministry said the legislation on the tax programme is still going through Parliament.
“While the Bill providing for the enhanced SVDP tax relief must still be introduced in Parliament for approval, the public consultation process to date has brought about enhanced proposals that have been presented to Parliament’s Standing Committee on Finance.” - SAnews.gov.za
