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TradeSmart - September 2010

Voluntary Disclosure Programme areas: Taking stock

The South African Revenue Service (“SARS”)announced and published details of the Voluntary Disclosure Programme (“VDP”) that will enable taxpayers to apply for relief from their current exposure to tax penalties and interest as a result of past tax transgressions.

 

In most cases taxpayers are not aware of tax exposures. However, with SARS systems becoming more rigorous over time, these inadvertent transgressions may be detected by SARS with the attendant cost of penalties and interest in addition to the related tax. Further taxpayers who have exposure in respect of offshore assets may find the exchange of information agreements concluded by the South African government with many countries, including tax havens, increase the likelihood of detection of these assets.

 

The VDP provides taxpayers with an ideal opportunity to identify any existing tax exposures and to regularise their tax affairs without fear of interest and penalties. The programme will run from 1 November 2010 to 31 October 2011 and is aimed at all taxes administered by SARS. 

Our solution 

We have developed a methodology, which is available as a modular offering that can be tailored to the company’s needs and requirements. Through this methodology we can review your tax position to assess if there is an exposure to underpaid taxes, penalties and interest and obtain assistance in seeking VDP relief for the penalties and interest. This modular approach is illustrated below.

Taxes covered 

Our methodology can be used to review one or more of the following:

  • Value-Added Tax
  • Employees’ Tax
  • Customs and Excise
  • Income Tax
  • Capital Gains Tax
  • Secondary Tax on Companies
  • Transfer Pricing
  • Sundry taxes administered by SARS (e.g. Securities Tax)

Contacts 

Should you require our assistance with an assessment of your company’s exposure and an application for the VDP relief, please contact Olebogeng Ramatlhodi on +27 (0)11 209 6326 or e-mail oramatlhodi@deloitte.co.za.

For more information, visit our website:  

https://taxmanagementconsulting.deloitte.co.za/151/customs-and-excise/&sbh=Tax%20&%20Legal

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