Tag: economy

Debit order disputes on the rise

By Carin Smith for Fin24

Debit order disputes have increased significantly over the last three years, according to the Payments Association of South Africa (PASA).

Yet, it said recent investigations have shown that in the majority of cases, proof that debit orders were indeed authorised by consumers could be provided.

According to PASA, the increase in debit order disputes could mean that companies have bad practices in obtaining such debit order mandates, or that consumers are asking their banks to reverse actual valid debit orders.

Consumers could be doing this, because the reversal of such legitimate debit orders creates temporary cash flow relief for them. PASA emphasises however, that this kind of behaviour by consumers is not acceptable and has become a huge concern for the financial services industry.

As part of a project to reduce debit order disputes, banks are investigating ways to enhance their current dispute and prosecution processes.

Over the last few years PASA has been working with banks to address debit order abuse. Initiatives include – statistically identifying potential problematic companies, refining the minimum criteria for mandates, and managing a debit order abuse list which can result in “rogue companies” being excluded from the system.

Initiatives also include a process to investigate and issue fines or initiating forensic investigations and prosecution when companies do not have mandates or have mandates that do not conform to minimum requirements.

DebiCheck

One of the most pertinent, but longer-term solutions to curb debit order abuse remains the Authenticated Collections project that was started in 2013.

Now close to implementation, the project will deliver a new type of debit order, called DebiCheck. Currently there are 11 banks participating in DebiCheck. Through this new debit order system, a debit order will only be processed to a consumer’s account if the mandate for such a debit order has been electronically confirmed by the consumer.

This means that consumers will be aware of which DebiCheck debit orders will be processed to their accounts – and these debit orders will not be processed by the bank if they are outside the agreed conditions the consumer initially confirmed.

As a result, PASA foresees that the number of invalid debit orders being processed as well as the number of consumer disputes where valid mandates are in place will rapidly decline.

Improving safety and efficiency

Additionally, an interbank committee has been established and mandated to improve the safety and efficiency of debit orders. This is through including new ways to better identify existing users abusing the system, enhanced measures and support to ensure offenders are adequately investigated and prosecuted, and processes that will assist in curtailing improper consumer behaviour.

PASA says consumers continue to have the right to dispute or instruct their bank to reverse debit orders they have not agreed to, or which are processed outside the mandate they have given.

They should continue to be watchful when entering into contracts – verbally, in writing or electronically. PASA also encourages consumers to check their bank statements on a regular basis. Also, not to provide or confirm account information if they are not certain what exactly it will be used for.

The industry is currently involved in the prosecution of certain rogue collectors. PASA believes the new measures it is working on will significantly assist the authorities and improve the success of prosecution.

Business confidence worse than in 2017

By Asha Speckman for TimesLive

The economy was unlikely to shake off anaemic growth in the second quarter of this year‚ economists said on Tuesday after a dip in the South African Chamber of Commerce and Industry (Sacci) Business Confidence Index confirmed their concerns.

The Sacci Business Confidence dipped to 93.7 index points in June from 94 index points previously. The index has slipped each month from a high of 99.7 in January this year.

John Ashbourne‚ Africa economist at Capital Economics said: “The latest drop strengthens our view that South Africa’s economy remained weak in quarter two.”

Economic growth contracted by 2.2% in the first quarter of this year after a stronger finish in 2017.

The Sacci index is a measure of business activity and is based on several indicators including energy production‚ trade figures and the performance of financial markets.

Seven of the thirteen sub-indices reflected negativity in the business environment.

The largest negative influences were the weaker rand exchange rate‚ lower real retail sales‚ a decline in the value of building plans passed and higher energy costs.

A rise in merchandise import and export volumes and new vehicle sales impacted positively.

The risk of a global trade war and potential knock-on effects also weighed negatively on the outlook from certain industries in South Africa‚ the survey noted.

Ashbourne anticipated further clarity when mining and manufacturing production and sales data for May are published on Thursday.

Weakness in these sectors is‚ however‚ expected to continue. The recent Absa purchasing manufacturer’s index‚ which measures activity in the manufacturing sector‚ dropped to 47.9 index points in June from 49.8 in May.

The index reading was 50.9 in April. A reading below the 50 neutral mark indicates a possible slowdown in business activity.

Lara Hodes‚ an economist at Investec‚ said about second quarter growth: “We’re not expecting positive news.”

Hodes said growth in mining was tempered by continued uncertainty over the mining charter and a restrained investment.

Investec expects an improvement to -3.5% for mining in May compared to -4.3% previously. It has forecast manufacturing to be -1.4% from 1.1% in April compared to a BNP Paribas expectation of 0.1% growth from 1.1% previously. However‚ Hodes said retail trade sales and consumer confidence data to be released next week would complete the picture.

Ashbourne said the potential slowdown had prompted London-based Capital Economics to temper its growth forecast for the year to 1.3% from 2% previously.

National Treasury has forecast 1.5% for the year and the Reserve Bank expects 1.7%.

Sacci said: “It has become imperative that structural economic matters hampering inclusive economic growth should be addressed with economic rationality. Uncertainties surrounding economic policy direction and position should be clarified so that investor and business confidence can reaffirm itself.”

Petrol price triples in a decade

By James de Villiers for Business Insider SA 

The price of a litre of petrol in South Africa increased from R6.92 in July 2008 to R15.53 in July 2018 at the coast, and from R7.16 to R16.02 inland – nearly tripling in the last decade.


Infographic: Fin24

Over the same period, the tax (or fuel levy) on a litre of petrol increased from a low of R1.27 in July 2008 to R3.37 in July 2018.

This means the tax on fuel increased by 165.35% in 10 years.

On Sunday, the department of energy announced that a litre of unleaded petrol will increase by 26c, pushing the price of a litre past R16 in the inland for the first time.

Energy Minister Jeff Radebe ascribed the increasing petrol price to the rand’s poor performance to the US dollar.

Radebe said the increase would have been 20c more if it wasn’t for declining oil prices.

A litre of petrol is now nearly R16

By Jay Caboz for Business Insider SA 

After last night’s increase, a litre of petrol will cost twice as much as a litre of Coke. These favourite local SA items will cost the same as – or more than – a litre of petrol will tonight.

After tonight’s price increase South Africans will be paying almost R16 per litre for petrol. In Gauteng one can expect to pay R15.79 per litre while coastal cities will pay R15.20 per litre, according to the Central Energy Fund.

The recent fuel hikes have been taxing on South African motorists who will now be forking out even more following May’s 49c per litre increase.

Business Insider South Africa visited shopping stores to see how this compared to some of South Africa’s daily items on the isles.

These favourite local SA items will cost almost the same as a litre of petrol will tonight:

  • A litre of Clover Long Life Full Cream Milk – R15.99.
  • A 300ml bottle of drinking yogurt (R15.08) or a 500g tub of plain low fat yogurt (R15.99).
  • A 2-litre bottle of Coca-Cola – R15.99.
  • A 5-litre bottle of water – R16.99.
  • 750ml of No Name Cooking Oil – R15.99
  • A 250ml can of Red Bull Energy Drink go for R14.99.
  • A 350ml refill of Sunlight dish washing liquid.
  • A six pack of hotdog rolls from Pick n Pay – R14.99.
  • A kilogram of rice – R15.99.
  • For the sweet tooth you can get a packet of marshmallows (R15.49), a small packet of Cadbury Tumblers Raisins (R16.13), or a 85g packet of microwave popcorn (R16.49).

Shock as GDP shrinks by 2.2%

By Karl Gernetzky for Business Live

SA’s economy shrank by a shock 2.2% in the first quarter of 2018 compared with the final quarter of last year – with the surprisingly poor performance due to a plunge in the agricultural sector of 24.7%.

This is the largest quarterly fall since the second quarter of 2009. Economists had expected a contraction of 0.5% quarter on quarter.

The rand reacted immediately and dramatically, weakening by about 10c against the dollar shortly after 11.30, to about R12.65.

SA’s gross domestic product (GDP) grew 0.8% compared with the same quarter in 2017, well below a Trading Economics consensus forecast of 1.9%.

Mining fell 9.9%, manufacturing 6.4% and construction 1.9%, Statistics SA said on Tuesday.

The decline in the manufacturing sector was largely due to the petrochemicals and metals subsectors.

Government services grew 1.8% and financial services 1.1%.

Government services had been bolstered by activities conducted by the Independent Electoral Commission in the first quarter, statistician general Risenga Maluleke.

Economists had expected mining and manufacturing to weigh on first-quarter GDP performance due to, among other factors, a stronger rand and investors’ continued caution, despite improved sentiment since Cyril Ramaphosa became president of SA.

Uncertainty over black economic empowerment policy and mine stoppages were cited as additional actors that held back mining.

Agriculture was the wildcard expected to lift the overall figure, as SA continues to recover from drought conditions.

“In consumption-driven economies like SA, it is not unusual for a weak first-quarter GDP print given the high base set in the final quarter of the previous year,” said FNB chief economist Mamello Matikinca.

Outlook

Analysts expect consumers to be hard pressed for the rest of 2018, as the effect of April’s tax hikes and increased fuel costs seep into the market.

Broad consensus among analysts was that growth would accelerate towards 2%, amid improved global economic conditions and due to positive sentiment emanating from SA’s escape from full junk status.

“For the year as a whole, however, we expect growth to pick up from the second quarter and accelerate in 2018 to 1.9% year on year from 1.3% year on year in 2017 as cyclical factors linked to higher sentiment levels, improved private sector investment and the impetus from global demand increasingly take effect,” said Investec economist Lara Hodes.

The recession that never happened

The South African economy grew 3.1% during the fourth quarter compared with the previous quarter — putting growth for the year at 1.3%, beating Treasury’s and other forecasts.

Compared with a year earlier, gross domestic product (GDP) increased by 1.5% in the fourth quarter of 2017.
Treasury had expected growth of 1% for the year.

The largest positive contributor to fourth-quarter growth was the remarkable recovery in the agriculture, forestry and fisheries sector, which increased 37.5% and contributed 0.8 of a percentage point to GDP growth.

The trade, catering and accommodation industry grew 4.8% and contributed 0.6 of a percentage point.

The primary sector (which includes agriculture and mining) increased by 4.9%, the secondary sector (manufacturing, electricity and construction) grew by 3.1% and the tertiary sector (trade, transport, finance, government and personal services) grew by 2.7% compared with the third quarter.

This signals that the country’s economy is poised for a recovery.

It is a vast improvement on the dismal 0.3% GDP growth achieved in 2016 but still remains weak by the country’s historic standards.

In the third quarter, the economy grew by 2% quarter on quarter, demonstrating a resilience that suggested it was in better shape than most economists had previously thought.

Expenditure on real GDP increased by 3.1% in the fourth quarter of 2017, while final consumption expenditure by general government increased by 1.3%.

Treasury is forecasting growth to rise to 1.5% in 2018 on political and policy certainty, renewed confidence and rising private fixed investment.

Finance Minister Nhlanhla Nene said on Monday that it was likely that the growth forecasts would be revised upwards due to improved business and investor confidence.

Growth for 2016 was revised up to 0.6% from 0.3%.

Third-quarter GDP growth in 2017 was revised higher, from 2% to 2.3%.

The changes were based on better access to data sets, said Statistics SA deputy director-general Joe de Beer.

The revisions indicate that SA wasn’t actually plunged into a recession last year. A recession is based on two consecutive quarters of negative growth.

The performance in the fourth quarter of 2016 has been revised from a 0.3% contraction to growth of 0.4%.

By Sunita Menon for Business Day

The Gauteng government has unveiled the first details for its new PWV15 highway.

Speaking on the tabling of the provincial budget on Tuesday (6 March), Gauteng finance MEC Barbara Creecy said that the develoment will form part of a significant investment into infrastructure in the Ekurhuleni municipality.

“The Gauteng department of transport will receive R6.4 billion in infrastructure money over the medium term.

“The most significant project to start in the design phase this year is the PWV 15, the first brand new Gauteng Highway to be built since the 1970s,” Creecy said.

R250 million of this is expected to be spent during the design phase of the highway in the current financial year, she said.

Aerotropolis

While details on the highway were relatively light in the budget itself, Creecy reportedly told journalists in a media briefing ahead of her address that the PWV 15 highway would run east-west, reports BusinessDay.

“This will help facilitate and enhance the Aerotropolis in Ekurhuleni and the first phase is going to be dealing with the roads around the OR Tambo international airport and the city of Johannesburg,” she said.

“The intention is to try and cut out the Gillooly’s interchange because any of you who travel in the early morning or late afternoon in that area would [know] that it is an area of very intensive congestion. This is particularly when all the trucks and freight vehicles move into that area.”

Gauteng had previously outlined its plans for a new highway and other infrastructure developments as part of its new Aerotropolis corridor.

The corridor promises to host an number of major ‘catalyst projects’ including new commercial, retail and logistics hubs, as well as a number of upgrades to the surrounding areas.

Source: Business Tech

China is likely to see price rises for paper products this year on a shortage of raw materials and imported waste paper, according to Hong Kong-listed Nine Dragons, one of Asia’s largest packaging and paper producers.

Cheung Yan, the company’s chairwoman and one of China’s richest women, said at a press conference in Hong Kong on Tuesday that the company was likely to raise product prices in 2018, pressured by increased costs in raw materials, whose supply has been hit by Beijing’s tighter controls on imported waste paper, an important source for manufacturing paper products.

“The government’s tightened control on imported recovered paper has resulted in significant volatility in both imported and domestic recovered paper prices,” said Guangdong-based Nine Dragons in an interim results filing to the Hong Kong stock exchange.

In the six months ended December 31, the company saw its net profit more than doubled to 4.33 billion yuan (US$690 million), up from the previous 1.91 billion yuan.
Separately, Vinda International Holdings, China’s third-largest tissue manufacturer, said last month that it had raised tissue product prices by 4 to 5 per cent since last October in response to rising pulp prices.
China’s tissue giant Vinda expects further industry consolidation as Beijing tightens environmental controls
US pulp prices have risen more than 35 per cent in the past year, contributing to the hike in toilet-paper costs among other factors, according to Bloomberg.

The toilet paper price hike has sparked panic buying in Taiwan over the weekend after suppliers told local supermarkets they would raise prices by 10 to 30 per cent from next month.
Raw materials accounted for around 48 per cent of the costs for toilet paper products, and almost all of the pulp was imported from abroad, said Taiwan’s Ministry of Economic Affairs.

Vinda has operations in Taiwan, but it is not immediately known the level of price increase they will put in place for their products on the island.

Source: BusinessLive

BankservAfrica’s latest take-home pay and private pensions indices show that 2018 is off to a good start, with growth experienced in both nominal and real terms.

The BankservAfrica Take-home Pay Index shows average formal sector pay was R14,675 in January 2018, 5.8% higher than January 2017 before inflationary adjustment.

This increase was lower than December’s growth of 7.3%. However, when adjusted in line with inflation, take-home pay increased by 1.2% on a year-on-year basis, and represents the slowest increase in five months.

“This positive real increase for money banked by employees’ points to a gradual increase in living standards for most formally employed people,” said Mike Schüssler, chief economist at Economists dot coza.

The typical formal employee experienced a real increase of 2.2% – nearly double that of the average take-home pay increase.

The share of employees who receive up to R4,000 per month declined to 13.7% in January 2017 compared to 15.2% in January 2018. This is a 7.8% decline in the number of employees receiving less than R4,000 per month over the last year.

Those earning monthly salaries between R12,000 and R1,000 now stand at 474,000 people, which is more than the 436,900 who earn below R4,000.

While the number of employees taking home between R12,000 and R16,000 only grew by 1.2% , this number is still higher than the number of earners in the low-income category.

A quick review of the salary index shows that the real increase average was 1% more than in 2016, the group said.

Real take-home pay declined in the first two months of the year and then gradually increased. In the last three months of 2017, take-home pay increased by 2.8% on average after inflation.

Source: Business Tech

2018 budget speech in a nutshell

Finance Minister Malusi Gigaba’s Budget Speech has seen him make “difficult decisions” to address a revenue shortfall and to fund free higher education.

An increase in value-added tax (VAT), fuel levy and a higher estate duty tax are just some of the things South Africans will be faced with this year.

On the other hand, Minister Gigaba announced some relief for the poor and the working class in the form of below inflation increase in personal income tax, while ensuring an above average increase in social grants.

As part of wide-ranging tax proposals, the Minister said the measures were being introduced, in the main, to generate an additional R36 billion in tax revenue for 2018/19.

The main tax proposals for the 2018 Budget are:

  • An increase in the value-added tax (VAT) rate from 14% to 15%, effective 1 April 2018;
  • A below inflation increase in the personal income tax rebates and brackets, with greater relief for those in the lower income tax brackets;
  • An increase in the ad-valorem excise duty rate on luxury goods from 7% to 9%;
  • A higher estate duty tax rate of 25% for estates greater than R30 million in value;
  • A 52 cents per litre increase in the levies on fuel, made up of a 22 cents per litre for the general fuel levy and a 30 cents per litre increase in the Road Accident Fund Levy, and
  • Increases in the alcohol and tobacco excise duties of between 6 and 10%.

Tabling the 2018 Budget Speech in the National Assembly on Wednesday, the Minister said increasing VAT was unavoidable, as there was a need to maintain the integrity of public finances.

“In developing these tax proposals, government reviewed the potential contributions from the three major tax instruments, which raise over 80% of our revenue – personal and corporate income tax and VAT.

“We have increased personal income tax significantly in recent years, particularly at the higher income bands, and our corporate tax is high by international standards.

“We have not adjusted VAT since 1993, and it is low compared to some of our peers. We therefore decided that increasing VAT was unavoidable if we are to maintain the integrity of our public finances,” he said.

What the tax proposals mean for 2018/ 19 financial year

In December, former President Jacob Zuma announced that from this year, government would implement fee-free higher education in a phased approach.

In its budget review document, National Treasury said the central adjustments to the fiscal framework in 2018/19 are meant to:

• Raise an additional R36 billion in tax revenue through an increase in the VAT rate, limited personal income tax bracket adjustments and other measures;

• Reduce the Medium Term Budget Policy Statement baseline expenditure by R26 billion;

• Allocate R12.4 billion for fee-free higher education and training;

• Set aside an additional R5 billion for the contingency reserve;

• Provisionally allocate R6 billion for drought management and public infrastructure.

“The baseline spending reductions and tax measures feed through to the outer years of the framework, while allocations to higher education increase sharply,” National Treasury said.

Vulnerable households shielded from VAT increase

The Minister said, meanwhile, that vulnerable households were protected from an increase in VAT.

“Vulnerable households will also be compensated through an above average increase in social grants.

“Some relief will be provided for lower income individuals through an increase in the bottom three personal income tax brackets and the rebates,” Minister Gigaba said.

The Minister said in addition to VAT, National Treasury would increase excise duties on luxury goods and estate duty on wealthy individuals.

He said taken together, National Treasury believed that the proposals best protect the progressive nature of the country’s tax regime to minimise the impact on lower-income households.

Taxes in more detail

Individuals

The maximum marginal rate for natural persons remains at 45% and is reached when taxable income exceeds R1 500 000.

The minimum rate of tax remains at 18% on taxable income not exceeding R195 850.

The primary rebate for all natural persons has been increased to R14 067 (previously R13 635). The additional rebate for persons aged 65 years and older is increased to R7 713 (previously R7 479). Persons aged 75 and older are granted a further R2 574 (previously R2 493).

The tax free portion of interest income remains at R23 800 for taxpayers under 65 years, and R34 500 for persons aged 65 years and older. In addition the tax-free savings dispensation for other investments, including collective investment schemes, became operative 1 March 2015 and remains at R33 000 per tax year.

Local dividends tax remains at a flat 20% rate which was effective 22 February 2017.

Foreign dividends also remain taxed at a flat rate of 20%, but this may be reduced in terms of Double Tax Treaties.

An individual is exempt from the payment of provisional tax if the individual does not carry on any business and the individual’s taxable income:
• Will not exceed the tax threshold (see 4 below) for the tax year, or
• From interest, foreign dividends and rental will be R30 000 or less for the tax year.

Companies and close corporations

The rate of normal tax remains at 28%.
The final withholding dividend tax remains at a flat rate of 20%.

Tax Exempt bodies (e.g. Retirement Funds) will suffer no withholding tax upon production of a tax exemption certificate.

Trusts

The flat rate remains at 45%, although distributions in the same tax year are taxed instead in the beneficiaries hands.

Individual tax thresholds

Liability for tax is as follows:

Under 65 years: R 78 150 (previously R 75 750)
65 to 74 years : R121 000 (previously R117 300)
75 years and older: R135 300 (previously R131 150)

Income tax: individuals and special trusts 

Taxable income (R) Rates of tax

0 – 195 850 18% of taxable income
195 851 – 305 850 R 35 253 + 26% of taxable income above R 195 850
305 851 – 423 300 R 63 853 + 31% of taxable income above R 305 850
423 301 – 555 600 R100 263 + 36% of taxable income above R 423 300
555 601 – 708 310 R147 891 + 39% of taxable income above R 555 600
708 311 – 1 500 000 R207 448 + 41% of taxable income above R 708 310
1 500 001 and above R532 041 + 45% of taxable income above R1 500 000

Trusts other than special trusts have a 45% rate of tax.

Tax rebates

Primary – R14 067
Secondary (age 65 and over) – R7 713
Plus (age 75 and over) – R2 574

Estate duty and donations tax

The rate of estate duty and donations tax remains at 20% for dutiable estate amounts of R30-million or less and increases to 25% for dutiable estate amounts over R30-million.

The estate duty abatement (exempt threshold) remains at R3,5-million per person and a surviving spouse may also benefit automatically from any unused deduction in the first dying spouse’s estate. i.e. the abatement remains a combined maximum R7-million for the second dying spouse.

There is a similar treatment of Donations Tax namely 20% for donations of R30-million or less, and increases to 25% for donations over R30-million.

The first R100 000 of amounts donated in each tax year by a natural person remains exempt from donations tax. Donations between spouses are fully exempt.

Capital gains tax (CGT)

• The annual capital gain exclusion for individuals remains at R40 000.
• The primary residence exclusion from capital gains tax remains at R2 million.
• The capital gain exclusion at death remains at R300 000.
The effective rate of CGT is the range of 7.2% to 18% for individuals, 22,4% for companies and 36% for Trusts, although correctly structured Trusts can result in the individual rate being applicable.

Transfer duty

The rates remain, i.e. property costing less than R900 000 will attract no duty. A 3 percent rate applies between R900 000 and R1,25 million, 6 per cent between R1,25 million and R1,75 million, 8 percent between R1,75 million and R2,25 million, 11 percent between R2,25 million and R10 million and 13 percent thereafter.

Retirement funds

Retirement Fund Lump Sum Withdrawal Benefits:

Taxable Income Rates of Tax
0 – 25 000 0% of taxable income
25 001 – 660 000 18% of taxable income above 25 000
660 001 – 990 000 114 300 + 27% of taxable income above 660 000
990 001 and above 203 400 + 36% of taxable income above 990 000

Retirement Fund Lump Sum Retirement Benefits or Severance benefits:

Taxable Income Rates of Tax
0 – 500 000 0% of taxable income
500 001 – 700 000 18% of taxable income above 500 000
700 001 – 1 050 000 36 000 + 27% of taxable income above 700 000
1 050 001 and above 130 500 + 36% of taxable income above 1 050 000

Tax Harmonisation of Retirement Fund Contributions
As from 1 March 2016 all retirement funds (pension, provident and retirement annuity funds) are treated similarly for tax contribution purposes.
The tax deduction formula of 27,5% per annum (with a cap of R350 000) of the greater of taxable income and remuneration applies to members of all retirement funds, including provident funds.

Medical expenses

Taxpayers may in determining tax payable deduct monthly contributions to medical schemes (a tax rebate to be known as a medical scheme fees tax credit) up to R310 for each of the taxpayer and the first dependent on the medical scheme and R209 for each additional dependent.

An individual who is 65 and older, or if that person, his or her spouse or child is a person with a disability, 33.3% of qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 3 times the medical scheme fees tax credits for the tax year.
Any other individual, 25% of an amount equal to qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 4 times the medical scheme fees tax credits for the tax year, limited to the amount which exceeds 7.5% of taxable income (excluding retirement fund lump sums and severance benefits).

VAT

The rate increases one percentage point to 15% (previously 14%), effective 1 April 2018. The compulsory VAT registration threshold remains at R1-million turnover per twelve month period.

Foreign exchange

The offshore investment allowance remains at R10 million per adult person per calendar year. In addition the R1 million individual single discretionary allowance remains.

Voluntary disclosure program

A new OECD global standard for the automatic exchange of financial information between tax authorities came into effect from end of 2017. SARS and the Reserve Bank thus offered the Special Voluntary Disclosure Program (SVDP) to parties with unauthorized foreign assets or income who wished to regularize their affairs, until 31 August 2017. This SVDP has expired but taxpayers who have foreign undisclosed assets and/or income may still avail themselves of the normal Voluntary Disclosure Program (VDP) contained in the Tax Administration Act.

Source: BusinessTech, Sterling Wealth

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