JOHANNESBURG – The South Africa Revenue Service (SARS) said the Special Voluntary Disclosure Programme (SVDP) has been a great success.
SARS authorities say they have managed to collect more than R1 billion from about 2000 taxpayers since SVDP was implemented.
The SVDP is an initiative that was announced in the budget speech in 2016 by the then finance minister, Pravin Gordhan.
The initiative, which was set to run from 1 October 2016 to 31 August 2017 was designed to provide non-compliant taxpayers and traders an opportunity to regularise and voluntarily disclose offshore assets and income.
SARS said the initiative has assisted in collecting over R1,016,467,286 in revenue and that the 2018 applications have been tallied.
According to SARS, the total tax liability stands at R1,182,734,842.
SARS said the collected revenue would assist the country in all its socio-economic development initiatives and also to keep the revenue (SARS) financially stable.
SARS authorities say they are very pleased and “quite satisfied” with the response they got from South African taxpayers and traders since the implementation of the SVDP.
All South African taxpayers and traders who have not yet applied for offshore tax relief are advised to do so using normal SVDP process.
Applications are being reviewed by the SVDP team of law, tax and finance experts and the outcome is set to be announced by the end of the financial year.