1) For the purposes of this section--
"credit amount", in relation to any year of assessment of any taxpayer, means the sum of--
a) the provisional tax paid by the taxpayer under the provisions of paragraph 21 or 23 of the Fourth Schedule in respect of such year;
b) any additional provisional tax paid by the taxpayer in respect of such year under the provisions of paragraph 23A of that Schedule;
c) any amounts of employees tax deducted or withheld by the taxpayer's employer during such year; and
d) any amount of foreign taxes which may be deducted from the tax payable by such taxpayer in respect of the relevant year of assessment in terms of the provisions of section 6quat;
"effective date", in relation to any year of assessment of a taxpayer, means--
a) where the taxpayer is a company which has a year of assessment which ends on the last day of February or is a person (other than a company) who has not been granted permission by the Commissioner under the provisions of section 66(13A) to render accounts for a period ending on a date other than the last day of February, the date falling seven months after the last day of such year; or
b) in any other case, the date falling six months after the last day of that year;
"normal tax" includes any additional amounts payable in terms of section 76 and paragraphs 20 and 20A of the Fourth Schedule.
2) If the normal tax payable by any taxpayer in respect of that taxpayer’s taxable income for a year of assessment exceeds the credit amount in relation to that year of assessment, interest shall, subject to subsection (3), be payable by the taxpayer at the prescribed rate on the amount by which that normal tax exceeds the credit amount, that interest being calculated from the effective date in relation to the said year until the date of assessment of that normal tax.
3) Where the Commissioner having regard to the circumstances of the case is satisfied that the interest payable in terms of subsection (2) is a result of circumstances beyond the control of the taxpayer, the Commissioner may direct that interest shall not be paid in whole or in part by the taxpayer.
3A) Where any natural person has, in respect of the year of assessment during which that person for the first time became a taxpayer, become liable for the payment of interest under subsection (2), the Commissioner may, subject to the provisions of section 103(6), if he or she is satisfied that the circumstances warrant such action, direct that interest shall not be paid by that person in respect of that year of assessment.
4) If in the case of any taxpayer the credit amount in relation to any year of assessment exceeds the normal tax payable in respect of that taxpayer’s taxable income as finally determined for that year, interest shall be payable to the taxpayer at the prescribed rate on the difference between the credit amount and that normal tax, that interest being calculated from the effective date in relation to the said year until the date on which that difference is refunded to the taxpayer: Provided that where any interest is payable to the taxpayer on any amount in respect of any period in terms of section 88, no interest shall be payable to the taxpayer in terms of the provisions of this subsection in respect of the said amount and period.
5) Any decision of the Commissioner in the exercise of his discretion under subsection (3) or (3A) shall be subject to objection and appeal.
6) The payment by the Commissioner of any interest under the provisions of this section shall be deemed to be a drawback from revenue charged to the National Revenue Fund.