The Minister of Finance in his Budget Speech announced the introduction of a Special Voluntary Disclosure Programme to give a further opportunity for non-compliant taxpayers who still have undisclosed assets abroad to voluntarily disclose their offshore assets and income. Following this announcement, the National Treasury published a media statement setting out in detail the joint process of the Special Voluntary Disclosure Programme for both tax and exchange control purposes. As stated in that media statement, applications for the proposed relief may be made in a limited period of six months commencing on 1 October 2016 and closing on 31 March 2017.

Please click to view the Media Statement, Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2016 and Draft Rates and Monetary Amounts and Amendment of Revenue Laws Administration Bill.