Last chance to get up to date with your SA Reserve Bank and SARS declarations – are you compliant?

Have you disclosed all your offshore assets to the South African Reserve Bank (SARB)? (disclosing foreign assets on your annual tax return does not mean they have been disclosed to SARB!)

The need for this disclosure is required regardless of how you have accumulated the foreign assets and includes the following people:

  • Immigrants or expat residents living in RSA indefinitely (including persons living in RSA on a ‘retired person’s visa’)
  • Persons who received foreign inheritances
  • RSA residents who worked abroad temporarily

Unregulated funds would possibly have Tax and Exchange control implications with SARS and/or SARB.

Even if you are 100% compliant with SARS, you may have forgotten or failed to officially or correctly disclose your offshore assets to SARB – this is your last chance to bring your foreign assets in line with SARB rules!  You would need to consider a disclosure declaration via your Authorised Dealer (AD) (without any levies being due).

The Special Voluntary Disclosure Programme (SVDP) programme started on 1 October 2016 and comes to an end on 31 August 2017 (this is the final deadline submission for applications).  

If you are unsure of your SARS and SARB/Excon status and actions to be taken, please contact Juanita Roman in our Tax Department for more information and options on how to proceed.

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