SARS tell-all programme yields R1bn
The SA Revenue Service said yesterday over 2000 taxpayers had taken advantage of its special voluntary disclosure programme.
The programme, announced in last year's Budget speech by Finance Minister Pravin Gordhan, gave non-compliant taxpayers the opportunity to disclose to SARS their offshore assets and undeclared income.
Non-compliant taxpayers had a once-off opportunity, between October1 last year and August 31, to regularise their unauthorised foreign assets and income by voluntarily disclosing tax and exchange control defaults.
A total of 2018 applications have been tallied, SARS said. Of these, 335 had been processed, yielding R1-billion in revenue.
"This collected revenue thus far provides a boost to SARS' revenue purse in a difficult economic period and will assist the country in its socioeconomic development to take South Africa forward.
"SARS is quite satisfied with the response by taxpayers and traders in taking advantage of the special voluntary disclosure programme."