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SVDP: the devil

is in the detail

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Anton Maskowitz

Fiduciary and Tax Specialist

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 …

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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.

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