Deadline looms for SARS disclosure

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By Brian Butchart – Managing Director, Brenthurst Wealth
As from 1 October 2016 to 31 August 2017 taxpayers have been given an opportunity to disclose these assets and pay certain penalties in order to legitimise these assets and bring them into the tax nett of SARS for any future tax liabilities. 

Taxpayers who do not utilise this opportunity to come clean risk being taxed on the full amount that has not been taxed before, with no limitation on how far back SARS can raise assessments. So while properly disclosed applications under the SVDP will provide full immunity, those who do not come clean will be at the mercy of the revenue service with regards to the taxable period.