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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part IVB : Withholding tax on interest

50F. Payment and recovery of tax

 

(1) If, in terms of section 50C, a foreign person is liable for any amount of withholding tax on interest in respect of any amount of interest that is paid to or for the benefit of the foreign person, that foreign person must pay that amount of withholding tax and submit a return by the last day of the month following the month during which the interest is paid, unless the tax has been paid by any other person.

[Subsection (1) substituted by section 58(1)(a) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016) - effective 1 March 2015]

 

(2) Any person that withholds any withholding tax on interest in terms of section 50E must submit a return and pay the tax to the Commissioner by the last day of the month following the month during which the interest is paid.

 

(3) Any person that pays withholding tax on interest in terms of  section 50E in respect of interest due and payable but not actually paid, must submit a return by the last day of the month following the month during which the interest became due and payable.

[Subsection (3) inserted by section 58(1)(b) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016) - effective 1 March 2015]

 

[Section 50F inserted by section 98(1) of Act No. 31 of 2013 - effective 1 March 2015  (substituted by section 125 of Act No. 43 of 2014]