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Not too late for tax evaders

Monday, 13 July 2015   (0 Comments)
Posted by: Author: Moneyweb
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Author: Moneyweb

Those who evaded tax through HSBC accounts in Switzerland can use the Voluntary Disclosure Programme.

South Africans who evaded tax through HSBC bank accounts have until August 12 to approach the South African Revenue Service (SARS) for leniency in terms of the Voluntary Disclosure Programme (VDP).

SARS said in a statement that it has completed the initial phase of matching information it received from international institutions with the local taxpayer database. "This matching confirms that some accountholders may have used their accounts to evade South African tax liabilities,” the statement reads.

SARS spokesperson Luther Lebelo said SARS received information about the accounts from its European counterparts. "They gave us lists and we audited the lists. We have found people who have evaded tax and we are now giving them the opportunity to use the VDP.”

Lebelo said not everyone amongst the 585 seems to be on the wrong side of the law. "Our initial investigation shows that not all of these individuals have contravened the law, some are irrelevant and some have declared their income. But our initial investigation did however reveal that we may be in a position to prosecute a significant number of individuals.”

He did not disclose the exact number of these individuals.

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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.

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