Last chance to get rid of skeletons in your ‘tax and/or exchange control closet’

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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