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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part IVB : Withholding tax on interest

50G. Refund of withholding tax on interest

 

(1) Notwithstanding Chapter 13 of the Tax Administration Act, if—
(a) an amount is withheld from a payment of an amount of interest as contemplated in section 50E(1);
(b) a declaration contemplated in section 50E(2)(b) or (3) in respect of that interest is not submitted to the person paying that interest by the date of the payment of that interest; and
(c) a declaration contemplated in section 50E(2)(b) or (3) is submitted to the Commissioner within three years after the payment of the interest in respect of which the declaration is made,

so much of that amount as would not have been withheld had that declaration been submitted by the date contemplated in the relevant subsection is refundable by the Commissioner to the person to which the interest was paid.

[Section 50G renumbered to subsection (1)  by section 59(1) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016) - effective 1 March 2015]

 

(2) Notwithstanding Chapter 13 of the Tax Administration Act, if—
(a) an amount of withholding tax on interest is paid as contemplated in section 50E(1) in respect of an amount of interest that became due and payable; and
(b) the amount of interest subsequently becomes irrecoverable,

so much of that amount as would not have been paid had the interest not become due and payable is refundable by the Commissioner to the person who paid the tax.

[Subsection (2) inserted by section 59(1) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016) - effective 1 March 2015]

 

[Section 50G 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]