Acts Online
GT Shield

Income Tax Act, 1962 (Act 58 of 1962)

Chapter III: General Provisions

Part IV: Payment and Recovery of Tax

89quin. Calculation of interest payable under this Act (Repealed)

 

 

[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].

 

1) Where—
a) any interest is payable under the provisions of sections 88, 89, 89bis or 89quat or paragraph 22 of the Sixth Schedule;
b) the rate at which such interest is payable has with effect from any date been altered; and
c) such interest is payable in respect of any period or any number of completed months which commenced before the said date,

the interest to be determined in respect of that portion of such period which ended immediately before the said date or in respect of any such completed months which commenced before the said date shall be calculated as if the said rate had not been so altered.

 

2) The Commissioner may prescribe by notice in the Gazette that any interest payable under this Act is calculated on the daily balance owing and compounded monthly, and such method of determining interest will apply to such tax types and from such date as the Commissioner may prescribe.