105. Interest on outstanding amounts

 

Notwithstanding anything to the contrary in any law contained –

 

(a)     interest shall be payable from such date and for such period as the Commissioner may determine on any outstanding amount payable in terms of this Act, other than the outstanding amount of any penalty or forfeiture payable in terms of this Act;

 

 (b)    the interest so payable shall be paid at a rate the Minister of Finance determines in terms of section 80(1)(b) of the Public Finance Management Act, 1999 (Act No. 1 of 1999): Provided that where the Minister fixes a new rate in terms of that Act, that new rate applies for purposes of this Act from the first day of the second month following the date on which that new rate came into operation;

[Paragraph (b) substituted by section 6 of Act 32 of 1999, amended by GN 540 of 1999, GN 1066 of 1999 and GN 185 of 2000 and substituted by section 63 of Act 30 of 2000, section 111 of Act 74 of 2002 and section 35 of Act 16 of 2004]

 

(c)     the Commissioner may on such conditions as he may consider necessary –

 

(i)      remit any interest for which any person is liable by virtue of this section;

(ii)     permit payment of any amount referred to in paragraph (a) by instalments of such amounts and at such times as he may determine;

[Paragraph (c) amended by section 65 of Act 45 of 1995]

 

(d)     any such instalment paid shall be utilized by the Commissioner to discharge any penalty, interest, forfeiture, duty and expenses incurred by or charges due to the Commissioner, in that order;

[Paragraph (d) substituted by section 93 of Act 31 of 2005 and section 72 of Act 20 of 2006]

 

(e)     any such interest shall be calculated monthly and a portion of a month shall be regarded as a full month; and

 

 (f)    any such interest recovered shall be paid into the National Revenue Fund.

[Paragraph (f) substituted by section 72 of Act 30 of 1998]

 [Section 105 substituted by section 2 of Act 111 of 1991]