Income Tax Act, 1962 (Act No. 58 of 1962)
Chapter II: The Taxes
Part I : Normal Tax
7F. Deduction of interest repaid to SARS
In determining the taxable income derived by any person during a year of assessment, any amount of interest paid by SARS to that person under a tax Act and deemed to have accrued to that person in terms of section 7E that has to be repaid by that person to SARS, must be deducted from that person’s taxable income in the year of assessment during which that amount is repaid to SARS.
[Section 7F inserted by section 11 of the Taxation Laws Amendment Act, 2018 (Act No. 23 of 2018), GG 42172, dated 17 January 2019 - effective 1 March 2018]