Exchange Control Circular No. 6/2016
Circular Reference: Exchange Control Circular No. 6/2016
Circular Date: 13 July 2016
Circular Status: In Force
Proposed joint tax and exchange control Special Voluntary Disclosure Programme
The attention of Authorised Dealers is drawn to the announcement by the Minister of Finance in the 2016 Budget Speech regarding the proposed joint tax and exchange control Special Voluntary Disclosure Programme (SVDP), which will run from 2016-10-01 to 2017-03-31.
In terms thereof, the Financial Surveillance Department (FinSurv) releases the attached document, which contains the details applicable to the regularisation of contraventions of the Exchange Control Regulations, 1961 (Regulations). This circular and attachment may be accessed at www.resbank.co.za by following the links: Regulation and supervision > Financial surveillance and exchange controls > Special Voluntary Disclosure Programme.
Applicants should note that all applications to be submitted for exchange control relief under the SVDP are to be made pursuant to the provisions of Regulation 24. South African residents (individuals, sole proprietorships, 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 Regulations as at 2016-02-29.
Applications and the relevant supporting documents must be submitted electronically to the SVDP unit via the South African Revenue Service (SARS) eFiling system or at any of the SARS branches countrywide. Separate electronic application forms for both tax and exchange control administrative relief have been created. Further information on the exchange control SVDP, the application submission process and supporting documentation requirements will be made available in due course on the website of the South African Reserve Bank (SARB).
Any party involved in a matter currently under investigation by FinSurv may not apply for administrative relief and no applications for exchange control relief under the SVDP will be accommodated prior to the official commencement date of the SVDP. Authorised Dealers are required to advise their clients of the SVDP, details of which are published on the websites of SARB and SARS. Authorised Dealers and their clients who may have questions about the exchange control SVDP are welcome to submit their queries to the following e-mail address: SARB-SVDP@resbank.co.za.
Details on the Tax SVDP can be accessed at: www.sars.gov.za/Legal/VDP/Pages/default.aspx
M A Rikhotso
Acting Head of Department: Financial Surveilance