Last chance to get rid of skeletons in your ‘tax and/or
exchange control closet’
October 2011
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SARS and SARB close their Voluntary Disclosure Program (VDP) on
31st October 2011. The program makes provision for
the disclosure of both income tax and/or exchange control
contraventions.
The process allows individuals, companies and
trusts who have contravened exchange controls previously and/or
defaulted on taxes the opportunity to ‘come clean’.
These contraventions or defaults had to have
occurred before 28 February 2010. The tax remains payable
but the penalties, and in some instances the interest, on the
unpaid amounts are waived as part of the settlement, which is
an attractive payment option.
Please contact Juanita Roman should you have
any further queries or require our assistance in this regard.
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Alexis Sacks
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Dave Rich
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Important Note:
The information contained in this newsletter is of a general nature, and may in certain circumstances be subject to misinterpretation. Consequently, we recommend that our advice be sought when acting upon the information contained herein. Whilst every care has been taken in the compilation of this Newsletter, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions.
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