The SARS voluntary disclosure programme (VDP) is administered under the Tax Administration Act, 2011.It aims to encourage taxpayers to come forward on a voluntary basis to regularise their tax affairs with SARS and avoid the imposition of understatement penalties and other administrative penalties.
The initial VDP1 that commenced in 2010 and closed on 31 October 2011 attracted in excess of 18 000 applications. The latest update is that all VDP1 applications have now been processed.
VDP 2 is now in place, which results in more processing capacity since all the VDP1 are processed. As a result, the turnaround time per case is currently averaging 21 days.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.