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.
More Stories
Ramaphosa Urges Leaders To Bring Culture Of servant Leadership Into Politics
Saftu Leadership Race Heats Up
KZN Battered By More Rain
Freedom Park CEO Defends Flag Project
Eskom Reduce Sunday Blackouts
KZN Battered By Severe Flooding Once Again
Power Cuts To Continue Into The Weekend – Eskom
Eskom Confirms Sabotage At Tutuka Power Station
We Listened To The People – Ramaphosa
NICD Reports 7 238 New COVID-19 Cases In SA
NICD Reports 8 179 New COVID-19 Cases In SA
Nersa Opposing Legal Bid To Overturn Decision To Grant Karpowership Licences