What is the Voluntary Tax Disclosure Programme (VDP)?
VDP is a programme introduced by the government to allow tax payers to disclose tax liabilities accrued within a period of five years prior to 1st July 2020 in confidence. In return taxpayers will be granted relief for penalties and interest.
When does it take effect?
The programme shall be available to taxpayers for a period of 3 years with effect from the 1st January, 2021.
Who qualifies for VDP?
VDP shall not apply to all taxpayers who are;
- under audit or investigation;
- a party to ongoing litigation in respect of the tax liability or any matter relating to the tax liability; or
- notified of a pending audit or investigation by the Commissioner
Read more in our tax alert.