Category: Section 89quin (ITA) – Calculation of interest payable under this Act

Section 89quin

 

  1. Paragraph (1)(a) substituted by section 25 of Act 36 of 1996.

 

  1. Section 89quin inserted by section 34 of Act 121 of 1984 and renumbered to section 89quin (1) by section 15 of Act 18 of 2009.

 

  1. Subsection (2) inserted by section 15 of Act 18 of 2009.

 

  1. Section 89quin to be repealed by section 271 of Act 28 of 2011 effective on a date determined by the President by proclamation in the Gazette.

Section 89quin (ITA) – Calculation of interest payable under this Act

Posted on by admin_kmos

89quin.     Calculation of interest payable under this Act

 

(1)     Where –

 

(a)     any interest is payable under the provisions of sections 88, 89, 89bis or 89quat;

 

(b)     the rate at which such interest is payable has with effect from any date been altered; and

 

(c)     such interest is payable in respect of any period or any number of completed months which commenced before the said date,

 

the interest to be determined in respect of that portion of such period which ended immediately before the said date or in respect of any such completed months which commenced before the said date shall be calculated as if the said rate had not been so altered.

 

(2)     The Commissioner may prescribe by notice in the Gazette that any interest payable under this Act is calculated on the daily balance owing and compounded monthly, and such method of determining interest will apply to such tax types and from such date as the Commissioner may prescribe.