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 by rule 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 that has been excluded by rule from interest payments; |
[Section 105(a) substituted by section 21(1)(a) of the Tax Administration Laws Amendment Act, 2016 (Act No. 16 of 2016)
| (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; |
| (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; |
| (d) | any such instalment paid shall be utilised by the Commissioner to discharge any penalty, fine, interest, forfeiture, duty and expenses incurred by or charges due to the Commissioner, in that order; |
| (e) | any interest so payable shall be calculated on the daily balance owing: Provided that as from the effective date referred to in section 926 of the Customs control Act, 2014 (Act No. 31 of 2014), interest on any outstanding amount, including an amount outstanding on the effective date carried over from the previous day, shall be calculated on the daily balance owing and compounded at the end of each month; and |
[Section 105(e) substituted by section 21 of the Tax Administration Laws Amendment Act, 2016 (Act No. 16 of 2016)]
| (f) | any such interest recovered shall be paid into the National Revenue Fund. |
