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The South African Revenue Service has already received R2.7 billion through agreements entered into with non-compliant taxpayers with unauthorised foreign assets and income.
Sars spokesperson Sandile Memela said the revenue collector was expecting a total of R3.3 billion agreed on from a total of 195 high net worth non-complaint taxpayers through the special voluntary disclosure programme.
The R3.3 billion, Memela said, includes agreements reached because of information exposed in the Panama Papers.
Since 2012, more than 759 high net worth individuals have made use of the normal voluntary disclosure programme, which is an ongoing initiative unlike the special voluntary disclosure programme.
The special voluntary disclosure programme was announced in the budget speech in 2016 by the finance minister to give non-compliant taxpayers the opportunity to voluntary disclose unauthorised offshore assets and income.
Memela said taxpayers had a limited window period running from October 1 2016 to August 31 2017 to voluntary disclose tax and exchange control defaults specifically in relation to offshore assets.
However, those taxpayers who missed the special voluntary disclosure programme can still make use of the normal voluntary disclosure process to voluntarily regularise their tax affairs.
According to Memela, the R2.7 billion revenue already collected under the special voluntary disclosure programme is a welcomed boost to Sars’s revenue collection efforts as it strives to achieve its upward revised target of R1.217 trillion, which arises under very difficult economic conditions.
“This revenue will go a long way in adding much value to the state’s revenue needs. Our successes under the special voluntary disclosure programme are also a signal to other non-compliant taxpayers to talk to Sars before we talk to them,” he said.
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