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

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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.

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)     ……….

“Party” definition of section 80L of ITA

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‘party’ means any –

 

(a)     person;

 

(b)     permanent establishment in the Republic of a person who is not a resident;

 

(c)     permanent establishment outside the Republic of a person who is a resident;

 

(d)     partnership; or

 

(e)     joint venture,

 

who participates or takes part in an arrangement;