Mandating Procedures of Provinces Act, 2008
R 385
Transfer Duty Act, 1949 (Act No. 40 of 1949)4. Penalty on late payment of duty |
[Section 4 heading substituted by section 271 of Act No. 28 of 2011]
| (1) | If any duty in respect of any transaction entered into before 1 March 2005, remains unpaid after the date of the expiration of the period referred to in section 3, the Commissioner must in accordance with Chapter 15 of the Tax Administration Act impose a penalty, at the rate of 10 per cent per annum on the amount of the unpaid duty, calculated in respect of each completed month in the period from that date to the date of payment. |
[Section 4(1) substituted by section 271 of Act No. 28 of 2011]
| (1A) | [Section 4(1A) deleted by section 271 of Act No. 28 of 2011] |
| (2) | For the purpose of subsection (1) a deposit on account of duty shall be deemed to be a payment of duty. |
| (3) | Whenever the Commissioner is satisfied that the delay in the determination of the value on which the duty is payable cannot be ascribed to the person liable to pay the duty, he or she may allow a reasonable extension of time within which the duty may be paid without interest if, within six months of the date of acquisition of the property— |
[Words preceding section 4(3)(a) substituted by section 1(1)(d) of Act No. 32 of 2004]
| (a) | a deposit on account of the duty payable is made to the Commissioner of an amount equal to the duty calculated on the amount of the consideration paid or payable or on the declared value, as the case may be; and |
| (b) | application is made in writing to the Commissioner for such extension of time. |
[Section 4(3) substituted by section 7 of Act No. 60 of 2001]
