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Will trusts still be the way to go?

08 August 2016 | Tax

The new Section 7C proposed by the Draft Taxation Laws Amendment Bill.

Non-disclosure of offshore income and assets holds dire consequences for taxpayers

01 August 2016 | Tax

The Treasury’s recent announcement of a simplified process for taxpayers to disclose offshore income and capital gains serves as a stark reminder of the offshore special voluntary disclosure programme (SVDP) taking effect this year. Relevant taxpayers who do not disclose information will not only face severe financial consequences, but could face criminal prosecution.

Special voluntary disclosure & exchange control relief

28 July 2016 | Tax

Following the announcement of the Special Voluntary Disclosure Programme (SVDP) in the 2016 Budget Speech and the release for public comment of the initial draft revenue bills on 24 February 2016, the Minister of Finance published revised draft revenue bills on 19 July 2016 (Bills).

Last chance saloon for undisclosued assets and tax liabilities warns Grant Thornton

25 July 2016 | Tax

With the noose tightening globally on individuals and enterprises that have used offshore structures to dodge exchange control and tax regulations, time is running out for South Africans to come clean. That time frame is a period of six months from 1 October this year under the Special Voluntary Disclosure Programme (SVDP) introduced by the Financial Surveillance Department of the South African Reserve Bank (FinSurv) and SA Revenue Service (SARS).

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