Cecil Kilpin | September 2016 Newsletter

By |2016-10-21T09:26:03+02:00Aug 29th, 2016|Newsletter|

Revised Special Voluntary Disclosure Programme: In terms of the new global standard for the automatic exchange of information between tax authorities, the South African Revenue Service (SARS) will start receiving offshore third party financial data from other tax authorities from 2017. The Special Voluntary Disclosure Programme (SVDP) gives non-compliant taxpayers the opportunity to voluntarily disclose offshore assets and income. The initial draft bills were published for public comment earlier this year.  Following public comments received and a consultation meeting held with taxpayers and tax advisors in June 2016, the SVDP has been simplified. Instead of calculating two different amounts (i.e. seed capital and investment returns) to be included in the taxpayer’s taxable income, the calculation will now consist of one amount. This amount equals fifty [...]