CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Africa Provides Voluntary Disclosure Program Updates

South Africa Provides Voluntary Disclosure Program Updates

by Lorys Charalambous, Tax-News.com, Cyprus

06 February 2015


On February 5, the South African Revenue Service (SARS) gave the present position with regard to the processing of Voluntary Disclosure Program (VDP) applications, both under the initial program (VDP1), which expired on October 31, 2011, and under the permanent program (VDP2).

VDP1 attracted in excess of 18,000 applications, and all of those applications have now been processed. In addition, as more processing capacity became available when resources from VDP1 were freed up, VDP2 cases are being finalized more quickly, with cases resolved within 21 working days on average.

The main aim of South Africa's VDP program is to encourage taxpayers to come forward on a voluntary basis to regularize their tax affairs with SARS and avoid the imposition of understatement penalties and other administrative penalties, "to enhance voluntary compliance in the interest of the good management of the tax system and the best use of SARS's resources."

The VDP is therefore applicable to all taxes administered by SARS (excluding customs and excise), but a person who is aware of a pending audit or investigation, or of an audit or investigation that has commenced but has not yet been concluded by SARS, is excluded.

TAGS: individuals | South Africa | compliance | tax | business | tax compliance | law | tax authority | penalties | Africa

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »