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Income Tax Act, 1962 (Act No. 58 of 1962)

Chapter II : The Taxes

Part IVA : Withholding tax on royalties

49H. Currency of payments made to Commissioner


If an amount withheld by a person in terms of section 49E(1) is denominated in any currency other than the currency of the Republic, the amount so withheld must, for the purposes of determining the amount to be paid to the Commissioner in terms of section 49F(2), be translated to the currency of the Republic at the spot rate on the date on which the amount was so withheld.


[Section 49H inserted by section 63(1)  of the Taxation Laws Amendment Act, 2014 (Act No. 43 of 2014) - deemed to have come into operation on 1 July 2013]