Government rolls out foreign asset disclosure scheme for small taxpayers
The government has rolled out a disclosure scheme allowing small taxpayers to declare previously undisclosed foreign assets and income. Those who come forward will pay a 30% tax on the declared value plus an additional amount equal to that tax, taking the effective levy to 60%. The scheme aims to bring hidden overseas wealth into the tax net.
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New tax-compliance schemes and their rates are commonly asked in the economy section.
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- Lets small taxpayers disclose undisclosed foreign assets and income
- 30% tax plus an equal additional amount applies
- Effective levy works out to 60%
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