23.       PROVISIONAL TAX PAYMENTS BY COMPANIES

(1)     Provisional tax shall be paid by every company which is a provisional taxpayer in the following manner, namely—

(a)     within the period ending 6 months after the commencement of the year of assessment in question, one half of an amount equal to the total estimated liability of such company (as determined in accordance with paragraph 17) for normal tax in respect of that year;

(b)     within the period ending on the last day of that year, an amount equal to the total estimated liability of such company (as so determined) for normal tax in respect of that year less the amount paid in terms of item (a),

less, in either case, the total amount of –

(i)      any employees tax deducted by the taxpayer’s employer from the taxpayer’s remuneration during the relevant period; and

(ii)     any tax proved to be payable to the government of any other country which will qualify as a rebate under section 6quat.

[Subparagraph (1) substituted by section 30(1) of Act 88 of 1965, by section 53(1) of Act 85 of 1974 and by section 51 of Act 94 of 1983, amended by section 53 of Act 101 of 1990 and by section 11 of Act 9 of 2005 and renumbered by section 9(a) of Act 21 of 2021]

(2)     Subparagraph (1)(a) does not apply where the duration of the year of assessment in question does not exceed a period of six months.

[Subparagraph (2) added by section 9(b) of Act 21 of 2021]