South Africans have declared almost R35bn worth of foreign assets under the government-initiated special voluntary disclosure programme (SVDP) that closed last month, according to Finance Minister Malusi Gigaba. He said that 2 002 SVDP applications were received by the cut-off date of 31 August, and the government had already identified over R1bn in tax liabilities.

‘Of the 2 002 applications received, 305 applications have been processed, resulting in 280 SVDP agreements being concluded with tax liabilities totalling R1 031 627 067,’ he said. Of this amount, R822m in tax has been collected to date, notes a Fin24 report. Gigaba added that the total tax top-up to SA’s coffers from the voluntary disclosure programme could be as much as R4bn.

Full Fin24 report