Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Tax on Retirement Funds Act, 1996 (Act No. 38 of 1996)12. Penalty for failure to pay tax when due |
Where any retirement fund or insurer fails to pay the tax for which it is liable before or on the last date of payment as prescribed by section 6 or 7, as the case may be, such retirement fund or insurer, as the case may be, shall, in addition to the interest payable in terms of section 11, pay to the Commissioner a penalty equal to 10 per cent of the amount of such tax not paid on or before such last date of payment: Provided that the Commissioner may, having regard to the circumstances of the case, remit the penalty imposed under this section or any part thereof.
