The SVDP was introduced by Treasury in an effort to allow taxpayers with undisclosed offshore income and assets to regularise their tax affairs and to correct or remedy any consequent exchange control contraventions.

As a firm, we have successfully submitted a number of SVDP applications for our Clients, some of which included complicated offshore transaction, which have been accepted by the South African Revenue Services.

The time for submission of SVDPs, however, is running out and there are just over six weeks left before the period for submissions of SVDP applications close.

Given the severe consequences associated with unlawful off-shore holdings, we urge Clients with undisclosed offshore income and assets to contact our offices sooner rather than later so that we can assess whether it is necessary for you to apply for the SVDP amnesty.