Page 6 - Disclosure Programme News Today

It is alleged that $4-million — approximately R62-million — was stolen from Phala Phala farm, but the theft was never reported to the police.

Now that financial emigration no longer exists, there’s a new process to follow. Sable explains everything you need to know.

Document is far more detailed than 2018 version.

Am I prepared for the shift?

There are many South Africans working abroad who have made the decision to return to their home country. For many, the pandemic was the roll of the dice that sealed their fates. For others, the idea of being far away from extended family was the drawing card that tugged at their heart strings. Regardless of your reason, repatriation on the back of a global pandemic can nudge you to re-evaluate certain financial aspects of your life. Am I prepared for the shift back to South Africa?

The South African Revenue Service (SARS) continues to make good its commitment to call non-compliant South African taxpayers to account, most recently collaborating with the Irish Tax Authority (“ITA”) to identify South Africans operating Airbnb businesses in Ireland. In March 2022, SARS issued the ITA with an exchange of information request related to South African resident Airbnb hosts in Ireland that were suspected of either not declaring, or not fully declaring their in...

Automatic exchange of information aimed to eradicate non-compliance.

It has come to light in March 2022, that the Irish Tax Authority (“ITA”) has reached out to Airbnb Ireland UC (“Airbnb”), for the disclosure of specific information, as pertains to income generated from the online accommodation booking platform, across both current and historical transactions. This arose after the South African Revenue Service (“SARS”) issued an exchange of information request to the ITA pertaining to South African resident hosts not...

On 31 January 2022, SARS hosted a public workshop to discuss the draft Voluntary Disclosure Programme Guide and uncertainties about the Voluntary Disclosure Programme process. As part of its ongoing efforts to reform its Voluntary Disclosure Programme (VDP), the South African Revenue Service (SARS) hosted another workshop with interested stakeholders, primarily to discuss comments on its draft VDP Guide. 

Uncertainties are sure to deter taxpayers from revealing details of non-compliance.