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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Fourth Schedule

Amounts to be Deducted or Withheld by Employers and Provisional Payments in respect of Normal Tax

Part III: Provisional Tax

23. Provisional Tax Payments by Companies

 

 

Provisional tax shall be paid by every company which is a provisional taxpayer in the following manner namely—

(a) within the period ending 6 months after the commencement of the year of assessment in question, one half of an amount equal to the total estimated liability of such company (as determined in accordance with paragraph 17) for normal tax in respect of that year;
(b) within the period ending on the last day of that year, an amount equal to the total estimated liability of such company (as so determined) for normal tax in respect of that year less the amount paid in terms of item (a);

less, in either case, the total amount of-

(i) any employees’ tax deducted by the taxpayer's employer from the taxpayer's remuneration during the relevant period; and
(ii) any tax proved to be payable to the government of any other country which will qualify as a rebate under section 6quat.