50G.    Refund of withholding tax on interest

(1)     Notwithstanding Chapter 13 of the Tax Administration Act, if-

(a)     an amount is withheld from a payment of an amount of interest as contemplated in section 50E(1);

(b)     a declaration contemplated in section 50E(2)(b) or (3) in respect of that interest is not submitted to the person paying that interest by the date of the payment of that interest; and

(c)     a declaration contemplated in section 50E(2)(b) or (3) is submitted to the Commissioner within three years after the payment of the interest in respect of which the declaration is made,

so much of that amount as would not have been withheld had that declaration been submitted by the date contemplated in the relevant subsection is refundable by the Commissioner to the person to which the interest was paid.

(2)     Notwithstanding Chapter 13 of the Tax Administration Act, if-

(a)     an amount of withholding tax on interest is paid as contemplated in section 50E(1) in respect of an amount of interest that became due and payable; and

(b)     the amount of interest subsequently becomes irrecoverable, so much of that amount as would not have been paid had the interest not become due and payable is refundable by the Commissioner to the person who paid the tax.

[Section 50G substituted by section 59 of Act 15 of 2016 effective on 1 March 2015]