The South African Revenue Service (SARS) has provided South Africans with undisclosed accounts and foreign investments until 12 August 2015 to approach SARS via the Voluntary Disclosure Programme (VDP) to regularise their tax affairs.
According to SARS they have completed the initial phase of matching information with the taxpayer database. This process has confirmed that some account holders may have used their foreign accounts to evade South African tax liabilities. The ability of SARS to trace investments held by South African residents internationally is continually being improved, thanks to international exchange of information. The Common Reporting Standard will further enhance the data made available to SARS.
SARS will continue to analyse the information available, enhancing its audit capacity and audit notification letters will be issued from 13 August 2015.
For more information on the VDP application process visit www.sars.gov.za/Legal/VDP/Pages/default.aspx or contact the C2M office on 021 914 0261.