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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part VIII : Dividends Tax

64M. Refund of tax in respect of dividends paid by regulated intermediaries

 

 

(1)        Notwithstanding the provisions of Chapter 13 of the Tax Administration Act, if—

(a) an amount is withheld by a regulated intermediary from the payment of a dividend in terms of section 64H(1);
(b) a declaration contemplated in subsection (2)(a) or (3) of that section in respect of that dividend is not submitted to the regulated intermediary by the date contemplated in the relevant subsection; and
(c) both the declaration and the written undertaking contemplated in section 64H(2)(a) or (3) are submitted to the regulated intermediary within three years after the payment of the dividend in respect of which they are made,

[Paragraph (c) amended by section 16(a) of Act No. 21 of 2012]

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 to the person to whom the dividend was paid.

 

1A)        If-

a)        an amount is withheld by a regulated intermediary from the payment of a dividend in terms of section 64H(1); and

b) a rebate in respect of foreign taxes paid on that dividend should have been deducted from that amount in terms of section 64N,

so much of that amount as would not have been withheld had that rebate been deducted from the amount, is refundable to the person to whom the dividend was paid: Provided such rebate is claimed within three years after the payment of the relevant dividend.

[Subsection 1A inserted by section 16(b) of Act No. 21 of 2012]

 

(2) Any amount that is refundable in terms of subsection (1) or (1A) must be refunded by the regulated intermediary contemplated in subsection (1)(a) or (1A)(a) from any amount of dividends tax withheld by the regulated intermediary after the submission of the declaration as contemplated in subsection (1)(c) or the claim of a rebate contemplated in subsection (1A).

[Subsection 2 amended by section 16(c) of Act No. 21 of 2012]