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.
This story is from the November 25, 2024 edition of The Citizen.
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This story is from the November 25, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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