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What Is A Vdp Agreement With Sars

I am a person with up-to-date tax returns, but I have to explain one of the following things: – the interest generated by offshore bank accounts; – unreported rental income; and/or – income for on-site/foreign-provided investment services. The lawyer`s privilege applies fully. Disclaimer: We will endeavour to help you with the application with the South African Revenue Service (“SARS”). Our service includes, but is not limited to the collection of all information and preparation, but the requirement for additional information and verification remains at the discretion of SARS. All information you provide is considered true and correct and Creative CFO is not responsible for omissions or misrepresentations on your part or delays in the processing time of SARS. The purpose of the VDP is to encourage taxpayers to come forward on a voluntary basis to settle their tax affairs through SARS and to avoid the imposition of underutilization penalties and other administrative penalties. There are signs that even tougher times are coming, which may explain the lower numbers. One of the lesser known reasons for the decline in reported figures is that some payments made by liquidators to employees are not subject to SARS tax rules, i.e. they are not subject to a payroll deduction or deduction. As a result, these employees are not reported to SARS, which means that SARS is also not in a position to report these figures.

An application for a VDP must satisfy all the requirements of the Tax Administration Act. The VDP route allows you to regularize tax cases without paying massive penalties, but this is only available before SARS knocks on your door. It is essential that the VDP procedure remains the only way to avoid continuing the non-disclosure of income or tax debt. SARS allows taxpayers to avoid criminal prosecution and settle their tax cases through disclosure under the PDV. A successful VDP application allows an applicant to waive penalties and settle tax arrears with SARS. I represent a company with a recent tax return that must provide one of the following information: – Workers` Tax (i.e. Understated/Undisclosed PAYE, SDL; UIF); – VAT; and/or – unreported/unreported income. The lawyer`s privilege applies fully.

South Africa is one of the signatories implementing the Common Reporting Standards (SIR) for the exchange of tax and financial information globally to minimize global tax evasion. Since September 1, 2017, South Africa has begun exchanging data with other IRS signatories to ensure transparency and more efficient tax administration. An incomplete VDP application is rejected by the VDP unit to the applicant without notice. Any person or company wishing to voluntarily disclose their tax affairs to SARS can apply as long as they qualify.

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