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SARS opened their Voluntary Disclosure Program (VDP) on 5th
November 2010. 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 with SARS with 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 is waived
as part of the settlement, which is an attractive payment
option.
Should you wish to discuss a possible default or contravention
and whether the VDP process can apply to you, please contact
Juanita Roman at our offices.
| 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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