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SVDP: the devil
is in the detail
The proposed special voluntary disclosure programme (SVDP) of the South African Revenue Service (SARS) and the South African Reserve Bank (SARB) is aimed at providing local residents with undisclosed foreign assets and income a final chance to regularise their tax affairs.
Unfortunately, while we had hoped the latest amendment to the draft SVDP proposals, published on 19 July 2016, would simplify matters – and at first glance this appeared to be the case – the devil is definitely in the detail …
The formation and registration of trusts, and the provision of independent trusteeships – both local and offshore.
The creation of BEE, charitable, special and Shariah trusts compliant with regulatory and legislative requirements.
The administration of deceased estates in South Africa and abroad.
Advice on complex structures, asset restructuring and bequests in foreign jurisdictions.
Advice on emigration and immigration, foreign earnings and the application of any double taxation agreements.
Updating trust deeds to ensure they’re in line with the latest changes in the trust environment.
Updating and/or drafting of wills dealing with South African and/or foreign assets.
Advice on the establishment and management of charitable organisations, their tax status and tax deductible donations.
Advice on the potential tax consequences and reporting obligations if you hold a US passport or green card, or if you have children living in the US.
Guidance on the financial implications of life-changing events, such as getting married, divorce or the birth of a child.
The amendments have created many new uncertainties, especially for taxpayers with undeclared foreign assets that they have derived purely from post-tax or a combination of post- and pre-tax funds. Get a full analysis of the changes (published 4 August 2016).
Given the many complexities arising from the latest draft SVDP proposals, it’s highly recommended that you seek professional advice about any undisclosed offshore assets you may have.
The formation and registration of trusts, and the provision of independent trusteeships – both local and offshore.
The creation of BEE, charitable, special and Shariah trusts compliant with regulatory and legislative requirements.
The administration of deceased estates in South Africa and abroad.
Advice on complex structures, asset restructuring and bequests in foreign jurisdictions.
Advice on emigration and immigration, foreign earnings and the application of any double taxation agreements.
Updating trust deeds to ensure they’re in line with the latest changes in the trust environment.
Updating and/or drafting of wills dealing with South African and/or foreign assets.
Advice on the establishment and management of charitable organisations, their tax status and tax deductible donations.
Advice on the potential tax consequences and reporting obligations if you hold a US passport or green card, or if you have children living in the US.
Guidance on the financial implications of life-changing events, such as getting married, divorce or the birth of a child.
Expert advice is crucial in dealing with cross-border estate and tax planning.
Stanley Broun has spent 13 years in Fiduciary And Tax.
Have a question for Stanley?
