Tax Update: Special Voluntary Disclosure Program

August 10, 2017

 The deadline for the Special Voluntary Disclosure Program (SVDP) is on 31 August 2017.  SVDP is a window period for individuals and companies to regularise undisclosed or unauthorized foreign assets and associated income. It came into effect on 01 October 2016.

In terms of the new global Common Reporting Standard for the automatic exchange of information between tax authorities, SARS will start receiving offshore third party financial data from other tax authorities on a regular basis from September 2017; hence the SVDP window period ends on 31 August 2017.

If you have not yet taken advantage of this voluntary disclosure program, please do not hesitate to contact our offices for assistance in this regard.

Provisional Tax

31 August 2017 marks the deadline for the submission of the 1st Provisional Tax Return (IRP6) for all provisional taxpayers with February 2018 year-ends and the submission of the 2nd IRP6 return for those with August 2017 year-ends.

To ensure compliance with legislation, please contact our offices for professional assistance in this regard.

Repo Rate Reduced – Official rate of interest to change

The repo rate was reduced by the Reserve Bank Governor in July 2017 to 6.75%. This should see an effective reduction in the official rate of interest to 7.75 % with effect from 1 August 2017. This will affect all taxable fringe benefits that arise from the difference between the official rate and the rate charged by any employer on loans in excess of R3000.

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