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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part IVB : Withholding tax on interest

50H. Currency of payments made to Commissioner

 

If an amount withheld by a person in terms of section 50E(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 50F(2), be translated to the currency of the Republic at the spot rate on the date on which the amount was so withheld.

 

[Section 50H 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]