Income Tax Act, 1962 (Act No. 58 of 1962)

Schedules

Fourth Schedule : Amounts to be Deducted or Withheld by Employers and Provisional Payments in respect of Normal Tax

Part III : Provisional Tax

27. Penalty on Late Payment of Provisional Tax
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(1)If any provisional taxpayer fails to pay any amount of provisional tax for which he or she is liable within the period allowed for payment thereof in terms of paragraph 21 or 23, or paragraph 25(1), the Commissioner must, under Chapter 15 of the Tax Administration Act, impose a penalty, which is deemed to be a percentage based penalty imposed under Chapter 15 of the Tax Administration Act, equal to ten per cent of the amount not paid.

[Paragraph 27(1) of the Fourth Schedule substituted by section 25 of Act No. 21 of 2012]

 

(2)[Paragraph 27(2) of the Fourth Schedule deleted by section 271, read with paragraph 95(b) of the Tax Administration Act, 2011 (Act No. 28 of 2011)].

 

(3)[Paragraph 27(3) of the Fourth Schedule deleted by section 29 of the Income Tax Act, 1986 (Act No. 65 of 1986)]