The Exchange Control Special Voluntary Disclosure Programme (SVDP) deadline ended at midnight on Thursday 31 August 2017.
Please note that the electronic acknowledgement of receipt issued by the South African Revenue Service (SARS) to applicants on eFiling after having successfully submitted the SVDP01 application form is proof of the submission of an application for exchange control relief in terms of Exchange Control Regulation 24. This document should be retained until applicants have received a formal written notification from the FinSurv SVDP Unit conveying the outcome of their application.
In the interim, applicants will notice that the word 'expired' will appear next to their application on eFiling, which is simply an indication that the eFiling system is closed for new exchange control SVDP applications.
Due to very high application volumes during the last month of the SVDP window period, it should be noted that it may take up to 10 months, or longer, for all outstanding applications to be processed. Applicants are requested to be patient and to await a written instruction from the FinSurv SVDP Unit prior to repatriating their unauthorised foreign assets. Legal or authorised foreign assets may, however, be freely repatriated at any time.
Parties who missed the SVDP deadline may voluntarily approach the exchange control division of their local Authorised Dealer (bank) to assist them in approaching the Compliance and Enforcement Division of the Financial Surveillance Department to regularise exchange control contraventions and unauthorised foreign assets that they may have.
Queries pertaining to the Exchange Control SVDP can be e-mailed to the South African Reserve Bank at SARB-SVDP@resbank.co.za or via telephone on +27 (12) 313 3951.
Queries pertaining to the Tax VDP and SVDP can be e-mailed to SARS at firstname.lastname@example.org or via telephone on 0800 864 613.