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.
Denne historien er fra November 25, 2024-utgaven av The Citizen.
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Denne historien er fra November 25, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Frenzied festive season here
BLACK FRIDAY: SAVVY SHOPPERS DEMAND REAL VALUE AND GREAT EXPERIENCES
Confusion as deadline looms
ZEP: 'IMPOSSIBLE TO MEET FRIDAY CUT-OFF'
Transforming your investment with your advisor
Decisions made with your retirement funds often cannot be reversed. If you don't have an embedded retirement plan, you'll probably hear things you don't like from your planner.
Making offshore waves
Structuring direct offshore investments can be valuable in a holistic strategy.
Medical aids in decline
REPORT: SHARP DROP IN COVERAGE WITH ONLY 14.7% OF POPULATION COVERED
CHIEFS BAG FULL POINTS
ENCOURAGED: TEN-MAN AMAKHOSI HOLD OFF A LISTLESS RICHARDS BAY
Rodri leaving a massive hole
Pep Guardiola and Manchester City's marriage has been so successful, that any slip is in danger of being blown out of all proportion.
Rain comes to Proteas' rescue
South Africa were saved by the weather yesterday after an onslaught from Sri Lanka's bowling attack left the hosts flailing on a rain-interrupted opening day of the first Test in Durban.
Lions gear up for test of pedigree
The Lions are set for a massive test of their United Rugby Championship (URC) top four credentials when they take on 2022-23 URC champions Munster in their match-up at Thomond Park in Limerick on Saturday night.
England wrap up T20I series
England's women's cricket team wrapped up the three-match T20 series against South Africa in dominant fashion in Benoni last night with a match to spare, after cruising to a 36-run win in the second match.
