The South African Revenue Service (Sars) Voluntary Disclosure Programme (VDP) is a cornerstone of Sars' approach to encouraging taxpayer compliance while promoting transparency. Through the VDP, Sars offers taxpayers a structured pathway to disclose previously undeclared tax liabilities, thereby avoiding the severe penalties typically associated with noncompliance, except in instances of gross negligence and intentional tax evasion.
The VDP aligns with Sars' strategic objectives, making it both a valuable compliance tool for taxpayers and a key revenue stream. In the 2023-24 financial year, Sars processed 1 475 VDP applications, resulting in agreements valued at R3.4 billion, contributing R3.3 billion in collections.
Expanding the VDP to crypto asset compliance As Sars intensifies its focus on crypto assets, the VDP becomes even more critical for taxpayers involved in cryptocurrency activities.
Esta historia es de la edición November 25, 2024 de The Citizen.
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ANC Must Answer Why Troops Perished in DRC
Probe generals who were playing golf while soldiers lost their lives, writes Gav the plumber.
Rodgers hails Celtic 'strides'
Celtic manager Brendan Rodgers (above) urged his underdog side not to die wondering in today's must-win Champions League second-leg away at Bayern Munich.
My Vote Counts 'misses point'
DONATIONS: NON-PROFIT 'SHORTSIGHTED' ABOUT DISCLOSURE
Row over G20 labour platform
Representation is for workers to determine, says union federation.
Experts Not Amused by Damage Brought by Boreholes
Water experts who have been concerned about Gautrain tunnels and underground water systems are not surprised by the damage from illegal borehole drilling on private property above these tunnels, which brought parts of the train system to a halt this week.
New era of digital autonomy
AGENTIC AI: PROMISES COST-CUTTING, IMPROVED EFFICIENCY, ABILITY TO SCALE OPERATIONS
Extension to Sassa cards deadline
The deadline for South African Social Security Agency (S assa) benefi ciaries to swap their gold card for the Postbank black card has been extended from 28 February to 20 March .
Protesters are 'traitors'
More black people in the country are affected by crime than white people, says Mashaba.
Battle for hearts and minds
PEACEKEEPING: NEW WEAPONS ARE FAKE NEWS, BARRAGE OF DISINFORMATION
R22bn shortfall in budget
'Wealth tax on rich may not yield required revenue.'
