VOLUNTARY DISCLOSURE PROGRAMME

Undisclosed international income may attract massive penalties!

Should you derive an income from assets abroad, as a South African tax resident, you are required to declare and pay tax on these amounts, irrespective of where the asset is located. If you have not declared the income, you are on SARS’ radar and they may impose penalties and interest, which may be up to 200% of the value of the default in some cases.