Special Voluntary Disclosure Programme to go live in October
The South African government has announced a tax amnesty providing an opportunity for individuals and companies to declare their offshore assets and bring their tax affairs in order. Now is a good time to speak to a financial planner and implement proper wealth management if you have not already done so.
The Special Voluntary Disclosure Programme will go live in October, and was announced by South Africa finance minister Pravin Gordhan in his budget speech. Mr Gordhan stated that tax authorities will be able “to act more effectively against illicit flows and abusive practices by multinational corporations and wealthy individuals”, adding, time was “now running out for taxpayers who still have undisclosed assets abroad.”
He continued: “With next year’s deadline in mind, additional relief will be offered for a period of six
months, from October this year, to allow non-compliant taxpayers to regularise their
affairs.”
The disclosure programme will soon be published on the South African government’ website in draft form.
The finance minister’s speech also announced changes to capital gains tax for individuals and trust.
This is not the first time the South African government has implemented a tax amnesty. Throughout the last ten years they have offered several tax amnesties. Arguably, the key difference will be that the implementation of OECD’S Common Reporting Standards will make it easier for authorities to track down offshore assets which have not been declared.
Next Steps
If Mr Gordhan’s tax amnesty or capital gains tax announcement will affect you, now is a good time to get in touch with a financial planner. They will be able to advise you on your best course of action, given the amnesty and help you bring your affairs in order. This can avoid costly fines and other actions taken by the South African government.
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For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
