Special Voluntary Disclosure Programme | KPMG | ZA

Update on Special Voluntary Disclosure Programme In Respect Of Offshore Assets and Income

Special Voluntary Disclosure Programme

The effective date of the SVDP is deemed to be 1 October 2016 and the application window closes on 31 August 2017.

Special Voluntary Disclosure Programme

Background

On 24 February 2016, the South African Minister of Finance in his Budget Speech announced the introduction of a Special Voluntary Disclosure Programme (“SVDP”). This gives another opportunity for non-compliant South African taxpayers and Exchange Control (“Excon”) residents with undisclosed assets abroad to regularise those offshore assets as well as the income derived from same.

The SVDP legislation was promulgated in early 2017. The effective date of the SVDP is deemed to be 1 October 2016 and the application window closes on 31 August 2017. 

 

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