On 26 October 2016, the South African Minister of Finance tabled
the Rates and Monetary Amounts and Amendment of Revenue Laws Bill,
Bill 19 of 2016, in Parliament when he introduced the so-called
"Mini Budget". This Bill contains the legislation
regulating the Special Voluntary Disclosure Programme
("SVDP"), which commenced on 1 October
2016 and was to end on 30 June 2017. The Bill, as tabled, confirms
that the SVDP will run for nine months as opposed to the originally
announced period of six months. Subsequently, on 24 November 2016,
the Standing Committee on Finance extended the deadline to 31
August 2017.
Under the SVDP, qualifying applicants must include, in their
2015 tax income, an amount equal to 40% of the highest amount of
the rand value of the unauthorised foreign assets at the end of
each year of assessment ending on or after 1 March 2010, but not
ending on or after 1 March 2015. Thus, the Bill gives effect to the
Treasury's announcement in September 2016
