Category: Section 89 (ITA) – Appointment of day for payment of tax and interest on overdue payments

Section 89

 

  1. Subsection (1) deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.

 

  1. Subsection (2) substituted by section 25 of Act 91 of 1982, section 31 of Act 121 of 1984 and section 20 of Act 65 of 1986.

 

  1. Subsection (2) to be repealed by section 271 of Act 28 of 2011 effective on a date determined by the President by proclamation in the Gazette.

 

  1. Subsection (3) deleted by section 25 of Act 91 of 1982.

 

  1. Section 89 substituted by section 13 of Act 6 of 1963.

Section 89 (ITA) – Appointment of day for payment of tax and interest on overdue payments

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89.     Appointment of day for payment of tax and interest on overdue payments

(1)     ……….

(2)     If the taxpayer fails to pay any tax in full within the period for payment notified by the Commissioner in the notice of assessment or within the period for payment prescribed by this Act, as the case may be, interest shall, unless the Commissioner having regard to the circumstances of the case grants an extension of such period and otherwise directs, be paid by the taxpayer at the prescribed rate on the outstanding balance of such tax in respect of each completed month (reckoned from the date for payment specified in the notice of assessment or the date on which the tax has become payable in terms of this Act, as the case may be) during which any portion of the tax has remained unpaid.

(3)     ……….