Last chance to get rid of skeletons in your ‘tax closet’ …

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.

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