As an order from the South African Revenue Service, SARS, the country’s citizens have until 31st of August 2017 to declare offshore assets and income.
The directive started counting down since October 2016, the timeline ends this month and the agency said it will arrest and prosecute all citizens who fail to comply.
SARS said the target audience is South African taxpayers with tax defaults in respect of any tax types administered under the Tax Administration Act, disclosures may include defaults on foreign taxable income.
The compulsory disclosure is under its Special Voluntary Disclosure Programme (SVDP) is for taxpayers who want to disclose their offshore assets and income.
Taxpayers who have undisclosed assets abroad must use the limited window to comply. SARS has already started a nationwide and offshore media campaign to sensitize its citizens abroad.
Nigeria is home to over 70,000 South African professionals across retail, hospitality, media and financial services sector. Shoprite, Southern Sun, Naspers’ DSTV and Multichoice are some of the South African companies with its citizens working from Nigeria.
See below the details of the announcement: