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Tax
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VDP's: An Update following Recent Case Law and Other Developments - 2021

CPD Hours: 2

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VDP's: An Update following Recent Case Law and Other Developments - 2021

Presenters : Nico Theron


Overview

Voluntary disclosure relief (VDP) is sought by taxpayers for defaults such as understatement of income, over claiming of expenses and non-compliance resulting in outstanding tax. Successful applicants will obtain the following relief:

  • The South African Revenue Service (SARS) will not pursue criminal prosecution for a tax offence arising from the ‘default’.
  • Relief in respect of understatement penalties.
  • A 100 per cent relief in respect of an administrative non-compliance penalty that was or may be imposed in terms of the Tax Administration Act.

Webinar content

These benefits are, however, only available where the VDP application is successful. In this webinar, Nico Theron will:

  • Unpack the recent judgment in Purveyors South Africa Mine Services (Pty) Ltd v Commissioner for the South African Revenue Service (61689/2019) [2020] ZAGPPHC 409 (25 August 2020) to explain what the real consequences are for everyday VDP applications.
  • Evaluate the mechanisms available after conclusion of a VDP agreement to further limit exposure consequent upon a taxpayer’s default following the recent judgment of Medtronic International Trading SARL v Commissioner for the South African Revenue Service (33400/2019) [2021] ZAGPPHC 134 (15 February 2021).
  • Discuss developments consequent upon the following announcement in the 2021 National Budget: “The voluntary disclosure provisions will be reviewed in 2021 to ensure that they align with SARS’ strategic objectives and the policy objectives of the programme.”
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