CAPE TOWN — Parliament’s two finance
committees have called on the Treasury to reconsider the six-month
window period for people with illegally held offshore assets and income
to regularise their financial affairs with the South African Revenue
Service (SARS) and the Reserve Bank.
Concern was expressed during public hearings on the fiscal framework that the six months from October 1 2016 to March 31 2017 provided for in the budget for the relaxation of tax and foreign exchange laws was not long enough as the compilation and submission of documents would take some time.
In a report and recommendations on the budget, the two committees said they supported the voluntary disclosure programme as outlined but wanted the Treasury to consider a longer period. African National Congress MP and finance committee member Makhosi Khoza said an extension would encourage more people to come forward.
Finance committee chairman Yunus Carrim did not mince his words in describing those who secreted money out of SA illegally, describing them as "rogues" and "absolute criminals" who should be in jail.
Concern was expressed during public hearings on the fiscal framework that the six months from October 1 2016 to March 31 2017 provided for in the budget for the relaxation of tax and foreign exchange laws was not long enough as the compilation and submission of documents would take some time.
In a report and recommendations on the budget, the two committees said they supported the voluntary disclosure programme as outlined but wanted the Treasury to consider a longer period. African National Congress MP and finance committee member Makhosi Khoza said an extension would encourage more people to come forward.
Finance committee chairman Yunus Carrim did not mince his words in describing those who secreted money out of SA illegally, describing them as "rogues" and "absolute criminals" who should be in jail.
