The Finance Minister today announced in the budget speech that a special voluntary disclosure opportunity would be made available for taxpayers who have income tax and/or exchange control liabilities relating to holdings of unauthorised assets off-shore.
Details of this income tax and exchange control amnesty would be made available later in the year when the draft bills are published. Additional
relief would be offered for a period of six months, from 1 October 2016, to
allow non-compliant taxpayers to regularise their affairs.
Read a February 2016 report prepared by the KPMG member firm in South Africa: Tax and exchange control amnesty