The Panama Papers, SARS and the (proposed) new SVDP
The Panama leaks, last year’s HSBC leaks, and OECD’s “Automatic Exchange of Information initiative” all suggest that South African residents with accounts and investments in foreign tax jurisdictions should ensure that they are fully compliant with all their local and international tax and exchange control obligations. In any doubt, take advice on the proposed new Special Voluntary Disclosure Programme (SVDP) – remember that if you consult a lawyer you will benefit from attorney-client privilege. According to the media statement, the purpose of the SVDP is to give non-compliant taxpayers an opportunity to voluntarily disclose offshore assets and income. The SVDP was…