ARTICLE · 13 DECEMBER 2011

Voluntary Disclosure Programme : Deadline Looming

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We are heading into the last month for taxpayers to avail themselves of the VDP provided for in terms of the Voluntary Disclosure Programme and Taxation Laws Second Amendment Act ("the VDP Act").

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some practical updates

We are heading into the last month for taxpayers to avail themselves of the VDP provided for in terms of the Voluntary Disclosure Programme and Taxation Laws Second Amendment Act ("the VDP Act"). The current VDP regime is due to come to an end on 31 October 2011. As at the date of this article, there has been no indication from the South African Revenue Service ("SARS") of any extension of the period in which a VDP application can be submitted under the current legislative framework.

As a reminder, in terms of the current VDP regime, provided the requirements in terms of the VDP Act are met, the relief can be summarised as follows:

Where there is no awareness of an audit/investigation (section 3(1) of the VDP Act), there is 100% relief for interest and penalties and no criminal prosecution will be instituted.

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