When interest is part of a voluntary disclosure agreement, it stays in.
The Constitutional Court said it would lead to a ‘glaring absurdity’. Picture: Ashraf Hendricks/GroundUp
Swiss registered Medtronic Africa and Medtronic International’s troubles started in 2017 when it discovered former accountant Hildegard Steenkamp stole a staggering R537 million from the companies over a period of 12 years. The companies proceeded with the VDP processes which led to the conclusion of two VDAs, one in respect of each company. Medtronic International was to pay a total amount of almost R457.6 million which included the Vat, understatement penalties and interest.However, after concluding the VDA, Medtronic International submitted a request for remission of interest in terms of the Vat Act. Sars refused to consider this request.
The majority held that neither the Vat Act nor the TAA provides, whether expressly or by necessary implication, that a taxpayer who has concluded a VDA may not seek remission of interest.
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