| (1) |
Provisional tax shall be paid by every company which is a provisional taxpayer in the following manner namely— |
| (a) |
within the period ending 6 months after the commencement of the year of assessment in question, one half of an amount equal to the total estimated liability of such company (as determined in accordance with paragraph 17) for normal tax in respect of that year; |
| (b) |
within the period ending on the last day of that year, an amount equal to the total estimated liability of such company (as so determined) for normal tax in respect of that year less the amount paid in terms of item (a); |
less, in either case, the total amount of—
| (i) |
any employees’ tax deducted by the taxpayer's employer from the taxpayer's remuneration during the relevant period; and |
| (ii) |
any tax proved to be payable to the government of any other country which will qualify as a rebate under section 6quat. |
| (c) |
[Paragraph 23(c) of the Fourth Schedule deleted by section 27(1)(v) of the Income Tax Act, 1986 (Act No. 65 of 1986)] |
| (2) |
Subparagraph (1)(a) does not apply where the duration of the year of assessment in question does not exceed a period of six months. |
[Paragraph 23(2) of the Fourth Schedule inserted by section 9(b) of the Tax Administration Laws Amendment Act, 2021 (Act No. 21 of 2021), Notice No. 771, GG45788, dated 19 January 2022 - previous paragraph has been renumbered (section 9(a))]
Contingency Fees Act, 1997
