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That SARS ‘Offshore Assets’ Amnesty Period Proved Very Profitable

Story from: 2oceansvibe.com

After last year’s incident with the Panama Papers, SARS pulled up their socks and announced during its 2016 Budget Speech that it would be allowing amnesty for errant South African taxpayers who were hiding offshore bank accounts.

Well, that period came and went, ending on August 31 this year.

Releasing a statement concerning the process’s success, SARS announced on Tuesday that they have collected more than R1 billion from the 2 018 applications they have tallied so far, reports IOL.

The programme was first announced by then finance minister Pravin Gordhan, to “give non-compliant taxpayers the opportunity to voluntary disclose offshore assets and income”:

This collected revenue, Sars said, would provide a boost to the revenue purse in a difficult economic period and would assist the country in its socio-economic development to take South Africa forward.

Unless the greedy Guptas get their grubby paws on it first, that is.

SARS said it was “quite satisfied” with the response from taxpayers and traders so far, even though it wasn’t able to anticipate the number of applications beforehand.

Those who still need to apply are able to do so through the SARS Voluntary Disclosure Programme (VDP). However, the process is a little more complex than usual, and will require the assistance of tax professionals like Galbraith | Rushby.

Located in Woodstock’s Roodebloem Road, they can assist you with any tax advice, among other services, such as auditing, accounting, bookkeeping, secretarial and payrolls.

A firm that provides the level of service you would expect from a massive firm, but at the price of small one, and with all the personal attention to detail – tick.


This post is from 2oceansvibe.com. Click here to read the full text

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