Immigration Act, 2002
R 385
Tax on Retirement Funds Act, 1996 (Act No. 38 of 1996)13A. Interest on delayed refund of overpayment |
| (1) | The amount by which any tax on retirement funds paid by a person in respect of any tax period, exceeds the tax on retirement funds as finally determined for that period, is refundable to that person. |
| (2) | Interest is payable by the Commissioner on an amount refunded in terms of subsection (1) at the rate referred to in paragraph (a) of the definition of “prescribed rate” in section 1 of the Income Tax Act, 1962, which interest is determined from the day following the last date for payment of the tax on retirement funds as contemplated in section 6 to the date that the refund is made to that person. |
| (3) | Subsection (2) does not apply in respect of any amount refunded where interest is payable to that person on that amount in respect of the same period in terms of section 88 of the Income Tax Act, 1962. |
