South Africa: A new guide for enhanced tax compliance through voluntary disclosure
The South African Revenue Service (SARS) introduced an informative guide outlining the voluntary disclosure program, aimed at bolstering tax compliance. The guide delves into several crucial aspects, including:
Comprehensive Tax Inclusion: The voluntary disclosure program encompasses all tax categories overseen by SARS, with the exception of customs and excise taxes.
Key Definitions: The guide provides clear definitions for pivotal terms, such as the term “default,” enhancing clarity and understanding.
Application Requirements: It outlines the prerequisites for seeking relief through the voluntary disclosure process, ensuring transparency in the application process.
Corrective Procedures: In cases of incorrect or unreported data, the guide offers insight into the corrective measures to be taken, promoting accurate reporting.
Voluntary Disclosure Agreements: The guide presents the step-by-step procedures for entering into voluntary disclosure agreements, fostering a structured approach to compliance.
Withdrawal Criteria: In instances of nondisclosure, the guide sheds light on the circumstances that may lead to the withdrawal of voluntary disclosure relief.
Source: sars.gov.za
