The South African Revenue Services wants to generate more revenue by rounding up undeclared international holdings.
According to SARS Commissioner, Edward Kieswetter the revenue service is open to those who will approach the taxman before the taxman gets to them.
“The picture I want to sketch is that South Africans have undisclosed values of financial assets offshore,” he says.
“We are creating an opportunity for them to disclose this fully, for tax purposes,” he adds.
Kieswetter says if SARS approach the affected individuals before they approach it, they will face the full force of the law.