Introduction of the Exchange Control Special Voluntary Disclosure Programme
Pursuant to the announcement by the Minister of Finance in the Budget Speech of 24 February 2016, the Financial Surveillance Department of the South African Reserve Bank (FinSurv) is offering an opportunity to South African residents to regularise their unauthorised foreign assets (excluding bearer instruments) by making a voluntary disclosure to the Special Voluntary Disclosure Programme (SVDP) Unit jointly operated by FinSurv and the South African Revenue Service (SARS).
The SVDP (and the acceptance of electronic SVDP applications using the SARS e-filing platform) has commenced on 1 October 2016 and will continue until 31 August 2017. South African residents (individuals, sole proprietor, partnerships, deceased estates, insolvent estates, South African trusts, close corporations and companies) and former South African residents will be allowed to disclose their foreign assets held in contravention of the Exchange Control Regulations, 1961 (Regulations) as at 29 February 2016. Exchange control applications to the SVDP Unit are to be made pursuant to the provisions of Exchange Control Regulation 24 (Regulation 24).
Please note that any party involved in a foreign exchange transaction that is currently under investigation by FinSurv may not apply for administrative relief.
Prospective applicants and interested parties should access the SVDP guidance documents published from time to time on this webpage under the heading 'Relevant SVDP Links'.
Queries pertaining to the Tax SVDP can be e-mailed to firstname.lastname@example.org or contact can be made via telephone, the number being: 0800 864 613.
Queries pertaining to the Exchange Control SVDP can be e-mailed to SARB-SVDP@resbank.co.za or contact can be made via telephone, the number being: +27 (12) 647 2243.