The South African Revenue Service said on Thursday it had entered into payment agreements through its Special Voluntary Disclosure Programme with noncompliant taxpayers who owe it more than R3.3 billion in tax liabilities through unauthorised foreign assets and income.
Sars said such taxpayers had already paid more than R2.7 billion and that it expected another R580 million by the end of March.
“Sars is encouraged by the fact that more than 759 high net-worth individuals have made use of the normal voluntary disclosure programme since 2012 and that during the SVDP period, 195 high net-worth individuals applied,” the tax agency said.
Then finance minister Pravin Gordhan announced the SVDP in his 2016 budget speech to give noncompliant taxpayers the opportunity to voluntarily disclose unauthorised offshore assets and income.
The R2.7 billion revenue already collected under the SVDP is a welcomed boost to Sars’ revenue collection efforts as it strives to achieve its target of R1.217 trillion under very difficult economic conditions, Sars spokesperson Sandile Memela said.
“This revenue will go a long way in adding much value to the state’s revenue needs,” he said.
– African News Agency (ANA)