Nowhere to hide from taxman as D-Day for offshore disclosure looms

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
(iStock)
(iStock)

Cape Town - The window period for taxpayers to disclose their offshore assets and income to the South African Revenue Service (SARS) as part of its special voluntary disclosure programme closes on August 31 2017.

SARS told Fin24 that after the disclosure programme window closes, taxpayers with undeclared offshore assets will be subjected to full taxation, full interest, no relief from penalties and no relief from potential criminal prosecution.  

In line with the new automatic exchange of information between tax authorities, SARS will start receiving offshore third-party financial data from other tax authorities in 2017.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.85
-1.2%
Rand - Pound
20.48
+0.1%
Rand - Euro
17.30
+0.0%
Rand - Aus dollar
11.09
+0.0%
Rand - Yen
0.13
+0.0%
Gold
1,793.05
0.0%
Silver
24.33
0.0%
Palladium
2,023.00
0.0%
Platinum
1,043.50
0.0%
Brent Crude
85.53
+1.1%
Top 40
60,525
+1.7%
All Share
67,051
+1.5%
Resource 10
62,969
+2.5%
Industrial 25
86,659
+1.4%
Financial 15
13,849
+0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
25% - 230 votes
No, I have deleted it
46% - 425 votes
Yes, but I am considering deleting it
29% - 265 votes
Vote