The South African Revenue Service (Sars) has undertaken to make the filing of annual tax returns for the 2020 filing season as seamless as possible for individuals who diligently fulfil their tax obligations.
The South African Revenue Service has undertaken to make the filing of annual tax returns for the 2020 filing season as seamless as possible for individuals who diligently fulfil their tax obligations.
However, we encourage taxpayers who have made errors or who have omitted certain income in prior year’s tax returns, for whatever reason, to take up the opportunity to regularise their affairs through the Voluntary Disclosure Programme . They will have to go through the normal processes by correcting their errors which will attract penalties and interest in addition to the outstanding tax liabilities. They may even expose themselves to criminal prosecution.
However, many South Africans with property abroad have been oblivious of this change and have not included foreign interest income or foreign rental income in their tax returns for many years. It is understandable that many will lack the necessary documentation in order to quantify the undisclosed income and therefore calculate the outstanding tax liability, due to the fact that undeclared income may span all the way back to 2001, when the tax law was amended.
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