The new tax and exchange control Voluntary Disclosure Programme for taxpayers who wish to disclose previously undisclosed unpaid taxes may do so from today, Monday the 8th of November. This tax and exchange control amnesty is different from the previous one in 2003 where only individuals were able to apply. Now trusts and companies may also come clean. However, another difference is that only penalties and interest will be waived in terms of the amnesty this time. All due outstanding taxes are to be paid in full. This time SARS and the SARB are involved separately and directly whereas last time a special Amnesty Unit was formed to process applications on their behalf. Anonymous enquiries may be made to either SARS or SARB in order to determine whether one qualifies in terms of the Tax or Exchange Control VDP or not (before making formal application).
The VDP lasts until October 2011. For a confidential discussion, you may e-mail vdp@groominvestmentconsulting.co.za
